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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.
"My wife and I met Sharon on our first trip to Greenville while searching out neighborhoods to relocate. Sharon helped us by explaining each of the areas in regards to building, real estate costs, schools, etc. The help she provided allowed us to focus our search from abroad. On our second trip to the area, we had only 2 days to see 10+ houses. She coordinated showing all of the houses on our list! We found a gorgeous home in the Carolina Country Club. Sharon helped with Arborist Inspection, General Home Inspection, negotiating a better price on the home, all with our better interests at heart. Her hard work ethic and kind professionalism is outstanding! This is our 3rd home and we could not be happier here. Thank you again Sharon!"
Local Realtor and Broker from the Upstate of South Carolina
We are a Locally Owned and Operated Real Estate Company in the Greenville Upstate Market Representing Home Sellers and Home Buyers in Greenville County.
We Have over 20 Years of Experience having represented First-Time Buyers, Relocation Buyers, Empty Nesters, Retirees to the Upstate, Move-Up Buyers, those Selling a Resell Home. We've Represented Engineers, Physians, Accountants, Sales Associates, Professors, Nurses, Teachers, Authors, Business Owners, Home Builders, Medical Office, HR Managers, Fortune 500 Company Associates, and More.
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Copyright 2019 Greater Greenville Association of REALTORS®. All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes from the Multiple Listing Service of Greenville. IDX information is provided exclusively for consumers\' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information last updated on 2019-01-18.