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GET PRE-APPROVED before you start looking for homes! It's the only intelligent way of going through the process.
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 (barring any surprises on credit reports or undisclosed factors).
When you are pre-approved, you know exactly how much house you can afford. It gives you credibility. The Seller will know immediately that you will qualify for a loan to buy their property and any offer on their home is treated with more respect.
When seeking a pre-approval, only speak with legitimate lenders. Most "on-line" approvals through internet web sites are worthless. Some less sophisticated Buyers see internet deals and offers as the place to go. The truth is a high percentage of these people can't deliver on their internet promises. When your transaction is in trouble in Louisville, Kentucky, how much service are you going to get from the internet guy in Montana??? When your lender is not giving you the right answers, we need to be able to "reach out and touch them" on a local basis - not long distance.
If you'd like to discuss this issue, or any other issue further, please contact me below.
CLICK HERE to send Keith an email or call 502-992-4186.