Select a Lender

Get Pre-qualified NOW (better yet, pre-APPROVED). In today’s uncertain mortgage lending environment, it is critical for buyers to begin the loan approval process before getting serious about hunting for a home.

How to find a Lender

A real estate agent helps you find a house; a lender makes buying (financing) the house possible. As soon as you’ve found a real estate agent to work with, ask him/her for names of lenders to interview. The lender you select can very well make the impossible come true, but can also turn buying your first home into a night-mare. Referrals are VERY important. Your lender will establish a confidential relationship with you, so make sure you’re comfortable with him or her. Ask for a good faith estimate from few lenders to compare their fees and expenses. Again, responsiveness is important!

Be prepared for the lender to ask for A LOT of personal information from you, from pay stubs, to tax re-turns, to savings account statements, to 401(k) statements to divorce documents. You might get frustrated during this process, but remember your ultimate goal…

Great Reasons to be Pre-Approved by a Lender

  1. You will know in advance what your payments will be.
  2. You won’t waste time considering homes  you cannot afford.
  3. You can select the best loan package without being under pressure. There are several options to choose from in today’s market.
  4. Sellers may find your offer to purchase more favorable if they know in advance of your ability to secure financing. This may make your offer more attractive if you are in competition with others.
  5. You will have peace of mind.