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Getting a Legitimate Lender and Getting Pre-Approved

It used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods in landing the dream home.

Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualified and pre-approved are different things. Pre-approval means that you have applied for a mortgage; you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.

A pre-qualified letter is not verified and in essence, does not count for much if you are competing with other buyers who are pre-approved. When you are pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property.

In addition to being pre-approved, it’s important to be pre-approved with a legitimate lender. Legitimate lenders include: banks, mortgage bankers, credit unions, savings and loan associations, mortgage brokers, and online lenders.

Some lenders to avoid: those who lose a form or misplace a file, those who gather information from you in an unorganized manner, those who are not informed about interest rates, points or costs, and those who cannot provide you with the right information.

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Roy Nowers 319-350-4042
Claudette Roby 319-360-0101
Diana Hansen 319-350-9654
Skogman Realty
110 Dina CT Ste A
Cedar Rapids, IA 52411
Fax: 319-364-7613
Email: robyteam@skogman.com

Testimonials

"I have been so thankful to hire such excellent Realtors that have listened to my every need. In an economy that has frustrated many of us you have stayed upbeat and positive. I have appreciated the attention to detail that you provided in our listings and the GREAT marketing materials you showed the community to make our homes widely viewed. It is obvious why you have been in the business so long. Thanks so much for all your help." Amy Garmin
"I have worked with the Roby Team for several years in the purchase and sale of multiple properties and thoroughly enjoy our business relationship. They keep me up to date on the market conditions and move quickly when we see and advantageous purchase. Their rapport with the other agents in the community allows them to negotiate offers and deliver results in a timely manner. When they market my properties they are able to give me advice in presentation as well as pricing to sell quickly. Their marketing plan is extensive and first rate. I have been pleased with their attention to detail and overall service and will continue to work with them in the future." Justin Duckett
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