The FIRST step in the home buying process is to get Pre-Approved!!! The process takes just a few minutes and you can get on the road to finding your NextHome today!
We have teamed up with one of our local lenders to offer you a way to get pre-approved now and start a seamless real estate transaction! Their rates are super competitive and their service is some of the best in the business. Click the button below to get started immediately!
Pre-Qualified vs. Pre-Approval vs. Underwritten
Most people use pre-qualification and pre-approval interchangeably, but in fact they are different. Pre-qualification is the weakest form of qualification for a mortgage. Very little is done to verify your information. Pre-Approval on the other hand is the preferred method for knowing exactly what you are able to purchase. During Pre-Approval the lender will look at your credit, income, debts, and other items to determine whether or not you are a good credit risk and establish a purchase amount for your NextHome. Most real estate agents will require the Pre-Approval Letter (PAL) to be attached to the contract when writing an offer for a home.
Underwriting takes the approval process one step further. Most lenders will not proceed to the underwriting phase until they have a contract on a specific property. However, we have a company / loan officer that will in fact take your loan package through preliminary underwriting to make sure their aren’t any surprises during the purchase process. This would make you the most qualified buyer if you ended up in a multiple offer scenario.
Local Lender vs. Online Lender
Let’s face it, technology is here to stay. Whether we like it or not, most things are done over the internet now; job applications, shopping, and even mortgages. But does an online lender offer the best option for you and your mortgage situation?
Online lenders will promise low rates and fast closing. But in our experience, those “perks” come with a drawback- lack of customer service. What happens if there is an issue with your loan? Will you be able to speak to the same person each time you call in? Will you be able to easily work with your lender over the phone? Do you have access to a scanner or fax machine to get documents over to them? Local lenders are great because you can walk into their office and have a conversation with them, drop off documents, and be able to speak to the same person should any issues arise during your contract period.
We aren’t saying online lenders are bad. In fact they may be right for you. We just want you to have the best information available for you during your home purchase process. And when you support local lenders, you support your local community as well. For more information about mortgages, reach out to one of our agents or one of the lenders below! Tell ’em who sent you too, because we all love the referrals!
|Brian Cook||Ian Myers||
James Atwood III
|1st Choice Loan Center||Peak Mortgage||Gesa Credit Union||
|Tony’s Website||Brian’s Website||Ian’s Website||James’ Website|