Selecting a Professional Lender is a crucial step in purchasing your new home!

 

Need help finding a lender?  We can help refer you to one of our lending colleagues who we know to be highly knowledgable of the lending programs available to you, to include down payment and closing cost assistance, and to be of utmost integrity as lending professionals.

 

We recommend you always obtain a Good Faith Estimate from your lender in writing.  We have found that often times, different lenders have different programs available.  It is wise to  call more than one lender to compare their programs and rates available for your home purchase needs.

 

Prequalification normally takes only five minutes on the phone with a lender.  This is a good idea because then you have the information and assurance that you are going to search for a home that is in your price range and within your comfort level.

 

Preapproval normally takes 48 to 72 hours after you have spoken with a lender. This is a higher degree of qualifiction. Preapproval can only be obtained after your lender checks not only your credit, but your employment records, finnancial records, tax returns or W-2's, and other documentation needed to say you are approved not just prequalified. Approval to a seller means you can purchase without delay and with minimal difficulty. We can negotiate the lowest possible price and terms only with a preappoval.

 

In today's market, at the minumum, it is necessary to have a prequalification letter from your lender.

 

Often, on the really nice properties, more than one buyer wants to purchase the property. This is called a multiple offer situation. This means you have competition. If you want the seller to consider accepting your offer instead of the others, we need to be able to show the seller that you are financially strong and will have no problems purchasing their property. In order to do this you need to be preapproved. 

 

GET PREAPPROVED AND LETS GO SHOPPING! 

 

Always Remember:  your lender works for you!   It is imperative that you are able to openly and honestly communicate with your lender about all aspects of the lending process.