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.
Faye Hunter, Broker
Century 21, The Hunter Group
114 South Main Street
Statesboro, GA 30458-1475
I was very pleased with Jessica in every way. After our first meeting she started right away with selling my mom's house. I didn't have to worry about one thing. Jessica is an excellent agent. She is very personable but professional. I live out-of-state but she kept me well informed. She has a great personality. Jessica showed that she has morals and values which are valuable traits to me. I would definitely recommend her to anyone. The sale was very quick. You are very fortunate to have Jessica working for you. The process from beginning to end went very smoothly. Thanks to Jessica.Vicky Click,Southport, NC April 27, 2018
When you have a very patient friend who is also your real estate agent, you are doubly blessed! This entire process of prepping to sell and selling Mom's house was made much easier thanks to your guidance and patience - again, the "p" word. From letting me know what to expect, to determining what "fair" means, and all the other minute in between. I relied on your experience and advice. You did not once let me down.
Thanks for not only being the trusted consummate professional, but for being a great family friend. Best always, Marianna Marianna Voiselle, February 6, 2018
Thanks for all your help in making our "dream home" a reality. We really appreciated that you went the extra mile to get us the best price for our home. You are truly a professional.
In all our dealings with Realtors over the past ten years, we have never met anyone as helpful and energetic as you have been. Without hesitation, we would highly recommend your service to anyone who is looking for an experienced Realtor who cares about getting things done and doing them right! Thanks for taking such good care of us, we couldn't have done it without you!