Importance of Getting Pre-Qualified
In today’s fast-paced market, it is critical to get pre-qualified for a loan in order to make an offer on a home. The pre-qualification process includes talking to a lender to analyze your current income, debts, and credit to determine approximately how much you might qualify to borrow. Your lender can then provide a Conditional Qualification Letter which will need to be submitted with all offers! If you want to be in an even better position from the viewpoint of a seller who might be reviewing multiple offers, you can obtain a pre-approval. A pre-approval means that you have filled out a loan application and your financial information has been verified by the lender. With this, you will receive a Conditional Approval Letter to submit with your offer!
Importance of Using a Local Lender
Many think that going to National lenders will get you the best rate, but that is a misguided perception. If you see a big difference in rates, you will likely see a big difference in closing costs. Local lenders are available for face-to-face communication, they are familiar with the closing customs, and their underwriters are familiar with the local market. You want the transaction going as smoothly as possible, and local lenders depend on local agents and clients spreading the word-of-mouth about their services. They depend on referrals, so they tend to provide a much higher level of service.
Need a Lender?
I highly recommend Andy Butler of First Bank Home Loans. He’s been in the business for 13 years in the Dallas area, and we work side-by-side when coordinating a client’s transaction.
Andy’s Helpful Links: