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.
• I met Donna several years ago, before she became a realtor, and liked her immediately. We came together more recently when my husband and I decided to sell our home. We have a couple of hurdles to overcome, but because of the fact that Donna went over the top to research and do work I had not expected, our greatest hurdle is behind us. Donna not only is knowledgeable, smart and personable, she has a level of work ethic and integrity that is far above average. If you want a realtor who is professional and knowledgeable, and who sincerely works on your behalf, call Donna."Kim Farris
Donna sold me the house I currently live in. She inspired me to become an agent, so I did and then we worked together. After she became the broker, I worked for her and she inspired me again ... now I am a broker too! Donna is busy busy busy - making sure her clients find the deal they want at a fair price, selling their property for a fair deal, or inspiring others to make a positive difference! Donna cares for her community and the people around her. Fair, honest, competitive (in a positive way), and busy ......... that's why she can claim to be the number one selling office in North Walton County! The Golden Rule ........ to treat others the way you would want to be treated ......... that's Donna Arnold."Susan Dixon