Last time we discussed step 1 of the home buying process and that was determining if it is the "right" time to buy. Step 2 follows closely behind . . . get pre-approved for the mortgage. You might think that the loan application should come later in the process when in fact you should start the loan process immediately. I recommend that you ask your Realtor for a referral to their "preferred" lenders. They will know who has the experience, knowledge, and resources to provide the best service for you to secure a mortgage. Trust me . . .(scary words I know) I don't want any of my clients to have a bad experience with a lender. There is enough stress in buying a home without dealing with an unknown or inexperienced loan originator.
PLEASE DON'T ATTEMPT AN "ON-LINE ONLY" LENDER . . .
If all of your contact is on-line with no upfront face to face (or at least on the phone). . . run. I have never successfully closed a deal with a client who tried to use a "total" on-line mortgage company.
WHY SHOULD I GET PRE-APPROVED?
Reason #1 . . . your agent will know you are serious . . . especially if you are approved with a well known lender. Reason #2 . . . you will have a much better understanding of the loan process and the documentation they require. Reason #3 . . . it gives you a chance to analyze the different options available for a mortgage and figure out which one will work best for you. Reason #4 . . . it will keep you from wasting time considering homes that you could not qualify to purchase . . . or would require a payment higher than you are comfortable paying. Finally, Reason #5 . . . when you find the home you want. . .and you are ready to make an offer . . . a copy of your pre-approval letter will be submitted to the seller.
WHY?
Some sellers will require the letter before they will even consider your offer. More importantly, an offer including a pre-approval letter from a well known mortgage company will be considered more seriously by the seller and their agent . . . and that could result in a better response from them.
So. . . determine if it is the right time to buy a home for you . . . and if it is. . .ask your Realtor for a referral to a mortgage company and secure your pre-approval letter.
For more information . . . call, comment, or email.
Have Fun!
David Arnold
REMAX Greater Atlanta
678-784-4354
http://www.homerunatlanta.com/
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