Get Qualified Before You Buy

Q:  What’s the most important thing a buyer can do before deciding to buy property?

A:  Talk to a local lender and get prequalified for a mortgage before you begin your search.  A knowledgeable lender will discuss your credit score and mortgage options with you.  The lender will even provide you with a good faith closing estimate so you will know how much money will be required at the closing table.

Q: Are all lenders alike?

A:  No, not all lenders provide the same level of service, mortgage terms and information.  Shop for a lender that explains the process to you and that will return your call.  Get your pre-approval letter prior to looking at properties.  This will take the stress out of shopping for a mortgage and help you close faster.

Q:  Does being pre-approved give me more negotiating power?

A:   Yes, all sellers want to know you are pre-approved.  Many sellers will not accept an offer unless you have a pre-approval letter in place.

Q:  If I am not pre-approved, what can happen?

A:   Sellers will probably accept another offer over yours.  Also, you may have some surprises that delay your loan approval.  So if have deadlines to meet, make sure you are pre-approved in advance.  Banks are notorious in taking way too long to approve your loan.   Work with an experienced lender and you will save time, money and frustration.  Find a lender who is committed to helping you obtain your loan and examine which type of loan is best suited for you.

Need help?  Talk to us!  Can’t get approved?  Maybe we can find you private financing at reasonable rates.