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  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.

 

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Savannah Multi-List Service is a large Internet real estate site with thousands of homes for sale and rent with photos and descriptions. All listings on www.neighborhoodrlty.com are pulled directly from the Savannah Multi-List Service. Any mortgage information supplied on www.neighborhoodrlty.com is subject to credit approval. Mortgage rates are not guaranteed and use of any particular lender is not required. For certain bonuses and promotions specific lenders and/or closing attorneys may be required; all interested parties should verify this information before submitting an offer on any property. For all new construction listings, the builder may at any time, and without prior notice or explanation, exercise creative construction and/or variance. All prices are subject to change. Status of properties not guaranteed. Please check status prior to submitting offer. All information provided on www.neighborhoodrlty.com is deemed reliable but is not guaranteed and should be independently verified. Neighborhood Realty is not responsible for or liable for misinformation, typographical errors, misprints, or other errors. Neighborhood Realty does not discriminate based on race or color, national origin, religion, sex, familial status or handicap.


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