Why Get Pre-Approved for a Home Loan and How Do I Know Who Is the Right Lender For Me?
Why Get Preapproved For a Mortgage? The rules keep changing when it comes to getting qualified so you just need to know the rules and game.
In this day and age with all the new regulations since the housing crash, and now spiking interest rates, this can be a loaded answer. The rules to get preapproved have changed but you just need to know the new rules of the game. It’s not hard, just different.
A New Lending Environment
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 mortgage. Why it’s so important to make this your first step before before you begin your hunt to buy a home?
What are YOUR Needs and Wants In Buying a Phoenix Home?
I will ask you a series of questions which will better inform me of your overall situation, needs and wants. This helps in guiding you to the most reasonable and smart scenario that suits your life.
It’s Different for Everyone
This is definitely different for everyone. 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.
Options for Getting Preapproved for a Home Loan
During our discussion, I will give you options for connecting with my preferred lenders as to why to get preapproved, 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’re actively living, eating, breathing and sleeping mortgages and know what it takes to get your home loan closed! But if you have your own, that’s great, too.
A Huge Misconception Debunked
There is a huge misconception that still 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. But, more importantly, CLOSE your loan.
Determine Your Home Loan Qualification Amount
They will work closely with you to explain the process of obtaining a home loan (as I will do the same upfront with you). This helps determine how much you qualify for, your monthly mortgage payment, interest rates, closing costs and much, much more.
Foresee Possible Issues
They’re keeping way ahead of the game on all documents needed from you while looking ahead to foresee anything that may be needed for your loan upfront. 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. You never know when your past could effect whether or not your loan will close.
In-House Loan Processors and Underwriters
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. These 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.
Preventing Bad Surprises
Together, we foresee and prevent any bad 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.
Designing the PERFECT Plan
Together, we will design the perfect plan that suits your financial need and wants. Contact me anytime.
I PROMISE you’ll be happy you did!