Denise Baker Stewart
(919) 795-1608



Each Office is Independently
Owned and Operated


My Listings
Search For Homes
Open Houses
Buyers & Sellers
Market Analysis
Dream Home Finder
Buyer/Seller Info
Local Area
Community Info/Links
Local Phone Numbers
Schools
Weather Report
Relocation
About
Contact Denise
Company Website
Guest Book
About Me
Tools & Links
Mortgage Calculator
Mortgage Rates
Real Estate News
Misc.
Home
Home
 


Equal Housing Opportunity


MLS membership


REALTOR® certification


Yahoo® Real Estate Classifieds


QSC - Quality Service Certified

 

Buyer/Seller Info



  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.

 

[ Back To Buyer Tips ]