Getting a Legitimate Lender and Getting Pre-Approved
It used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods in landing the dream home.
Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualified and pre-approved are different things. Pre-approval means that you have applied for a mortgage; you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.
A pre-qualified letter is not verified and in essence, does not count for much if you are competing with other buyers who are pre-approved. When you are pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property.
In addition to being pre-approved, it’s important to be pre-approved with a legitimate lender. Legitimate lenders include: banks, mortgage bankers, credit unions, savings and loan associations, mortgage brokers, and online lenders.
Some lenders to avoid: those who lose a form or misplace a file, those who gather information from you in an unorganized manner, those who are not informed about interest rates, points or costs, and those who cannot provide you with the right information.
The Kevin Crozier Team has great staff, and Natasha was fabulous! Jake (June 2019)
Amanda and the Team did a great job at keeping all things moving, even when we were out of town.Erin and John (June 2019)
Amanda represented us really well. It felt good to have her on our side.Katie (May 2019)
Amanda and Natasha are amazing and get the job done! They are efficient, wonderful professionals and great communicators. We didn't think being homeowners could be in our near future but they changed that in such an amazing way.Jacob & Carleigh (March 2019)
Kevin and his team did an excellent job of helping us sell our home. After having a couple of contracts fall through due to inspections, they continued to work hard until we had a good offer and a contract that went through to Closing. Yeah!! I would recommend them highly. They will work hard for you.Roxanne (January 2019)