Before Looking at Homes, Get a Pre-Approval Letter
Posted on November 21, 2007 |
Before writing an offer, we will need a pre-approval letter from a lender. Basically, it says that you are pre-qualified for a mortgage. I suggest you get one for as close to the actual loan amount as possible. When we negotiate we do not necessarily want a seller to know the max amount that you are qualified to borrow . We need to attach it to any offer we submit. That lets the seller know that you are serious and can afford to buy their home. Seller’s will not consider an offer without it.
Usually, you can get it after talking to a loan officer for 15-20 minutes on the phone.
It is in NO WAY an obligation for you to use a certain lender. There is no charge to you.
After the contract is accepted, you normally have 2-4 weeks, and legally up until the day we close, to select any lender you want. This is the time to aggressively shop rates and charges. Although I can honestly say, my guys have never been beaten except by each other. They work very close for my clients and to keep my business.
Here are a few mortgage lenders that are very capable, well known and trusted locally. This is negotiating point in our favor. When I sit down with an experienced agent they ask me have I used a this lender before? Especially if they do not know them. Assuring the seller that they will get their money at closing is a key negotiating point in our favor.
LINK TO TRUSTED MORTGAGE LOAN OFFICERS
These are a few I use, I have a few more good ones and you are certainly free to choose anyone you like. I get NOTHING but great service and the occasional favor for my clients when they are in bind. Working with good people avoids many problems and when things happen, good people know how to fix them.
Each lender seems to do some loans better than others. Keep in mind, you are not committed to anyone until the day you close on the home.
If you have another lender that you prefer, let me know who it is and I probably know a loan officer there. It is best to work with someone you know in case a problem comes up.
If you would like to discuss financing options, I would be happy to help, as would any of the above. Again, like the rest of my team, they are all VERY GOOD at their jobs!
Best regards,
Steve Kornspan
Re/Max Premier
913-871-4148
fax: 913-428-2649
Steve@SteveKornspan.com
www.SteveKornspan.com