As a Buyer Agent, allow me to tell you that there is NO incentive whatsoever for a traditional lender or banker to serve your interests...
What to do about that?
The first thing you want to do is find a motivated mortgage agent, a lender who represents many different products, a lender who can offer numerous options for making your loan most affordable.
The second thing you want to do is get PRE-QUALIFIED with this lender. Better yet, try to get PRE-APPROVED.
Jack and I live in a wonderful home, so can you with the adequate financing. (Photo by Jack Pointeau)
Why? Because the first thing any home sellers and/or their agent want to know when an offer is presented to them is if the buyer is already approved for a mortgage.
Pre-Qualified vs. Pre-Approved. Pre-qualified means that a lender has determined a borrower is credit worthy and financially able to qualify for a certain loan. The pre-qualification is based on the lender's opinion, not on verification.
Pre-approved means that home buyers must apply for a loan before shopping for a home, and this is a critical step. It's far better to be pre-approved for a loan than to be pre-qualified because it requires a verification of the borrowers' credit, their bank references and employment. Once all this is done, the lender hands borrowers a pre-approval letter, a document which carries substantial weight with a seller because it shows to the seller that the buyer is serious.
During my career as a Buyer Agent, I've been working with many lenders, depending on the property my buyers are looking for and the kind of loan they need. Do not hesitate to call me. I certainly can and will help you with the best of my abilities. Call me direct at (512) 913-7481.
