Why Get Pre-Approved for a Home Loan and How Do I Know Who Is the Right Lender For Me?
In this day and age with all the new regulations since the housing crash, this can be a loaded answer. The rules have changed but you just need to know the new rules of the game. It’s not hard, just different.
Some people are already knowledgeable on what it takes to get a home loan in this new lending environment why and how to go about it, but If you need or want counsel on this, I will give you a detailed consultation on what it takes to get pre-qualified vs. pre-approved in the new environment of obtaining a home loan and why it’s so important to make this your first step before before you begin your hunt to buy a home. I will ask you a series of questions which will better inform me of your overall situation, needs and wants while guiding you to the most reasonable and smart scenario that suits your life. This is different for everyone and together we will figure out exactly what your’re comfortable with and most importantly, what you’re NOT comfortable with financially. It’s not about what you can afford to pay but what you WANT to pay that’s not going to make you a slave to your mortgage so you can still have a life.
After our discussion, I will give you options for connecting with my preferred lenders if you don’t have one that you know and love. The lenders and the their teams I work with are the absolute finest and most experienced in the industry! They live, eat, breath and sleep mortgages and know what it takes to get your home loan closed! But if you have your own, that’s great, too.
There is a huge misconception that I still think rings true for some about the real estate and finance industry that I want to address. This is that many people still think that real estate agents get some sort of financial gain or kickback when we refer our preferred lenders. NOTHING IS FURTHER FROM THE TRUTH. This is illegal and immoral. What we DO gain is the fact and knowing that our lenders are going to represent YOU with honesty, integrity, experience and respect and CLOSE your loan.
They will work closely with you to explain the process of obtaining a home loan (as I will do the same upfront with you), determine how much you qualify for, what your monthly mortgage payment will be, interest rates, costs of closing your loan and much, much more.
They will keep way ahead of the game on all documents needed from you while they look ahead to foresee anything that may be needed for your loan ahead of time. Many people these days have a foreclosure, short sale, bankruptcy, divorce or old, outstanding debt that may need clarification. My preferred lenders look way ahead and prepare for any scenario that could come up based on anything from your past that could effect whether or not your loan will close.
They have all of their Loan Processors and Underwriters in house which is so important and convenient. My lenders can literally take your file down the hall to their Underwriters, which are the people who approve or deny loans and sign off on any loan conditions that may arise. For example, a divorce decree or a bank document from that short sale or foreclosure you had years ago. This is so critical because we get answers quickly without wasting precious time.
Together, we foresee and prevent any surprises, especially any that could arise in the 11th or 12th hour. No one wants a home closing to fall through last minute and we make sure your loan will close. We do all of this work upfront so we can then flow smoothly to the closing of your new home! If you don’t like the lender I refer to you, I’ll eat my shoe.
Together, we will design the perfect plan that suits your financials. Contact me anytime.
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