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.
REALTOR® Beaufort Realty Consultants
910 Charles Street
Beaufort, SC 29902
Phone: (843) 812-3487 Top Producing Agent 2009,
2011, and 2012 www.SeeBeaufortHomes.com
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We couldn't have asked for a better professional in the field then you. You always kept our best interested at the forefront from beginning to end in the process.And, no matter how difficult the situation became you made this a very happy experience for us. Debbie and Lou Lordi
Buying or Selling? Call Richard Neill today to see why his diligence & dedication have allowed him to be the only agent for us! Richard has handled our last three real estate transactions on St. Helena! His integrity and commitment equal success! With Richard, it's a Win-Win! Thanks Richard!Jon and Maggie Pomeroy
Mr. Richard Neill has exceeded all our expectations assisting with our home buying. He was very patient in showing us several properties. My wife knew exactly what she liked and Richard delivered. We were also pleased to make the purchase under appraised value. Richard expertise definitely paid off. Thanks RichardMarion and Trell Shepherd
" From our first face-to-face contact, I knew that we had found a knowledgeable and competent professional who would work diligently for us. For the next two months, Richard proved us right about him time and time again"Don and Elizabeth Creamer
“My home was on the market for over a year and a half...
-Did not sell- Richard had it SOLD in less that 60 days in a very tough market. Thank you, Richard”
Phillip Dean, Simpsonville SC