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Mortgage info
Find the best Lender for your needs
As your Buyer’s agents, we have a number of reputable and experienced Loan Officers, Mortgage Brokers, and other Lenders to whom we can refer you. We believe that we can make this process much easier for you, by allowing you to find a good “fit” while comparing truly professional service for the price you pay for a loan.
What’s the difference between being Pre-Qualified and Pre-Approved?
Prequalification involves obtaining some basic information about the borrower’s income and debts and then calculating the maximum mortgage the borrower might obtain. A “pre-qualification” is simply an estimate of a borrower’s borrowing capacity, but is not a commitment to approve the loan.
Pre-approval is a very different and more valuable procedure. Lenders offering pre-approvals actually complete virtually of the necessary verifications (typically except for the property appraisal) upfront, before the borrower has actually found a home or even begun to look for one.
By becoming pre-approved, the borrower receives an actual commitment from the lender to approve a loan for a specified amount at a specified rate, contingent only on a satisfactory appraisal of the house the borrower ultimately decides to purchase.
Being pre-approved has advantages for the Buyer:
1. The certainty of knowing not only how much you will be able to borrow, but also that the lender actually will approve a loan for that amount, and being able to address potential problems before you delay the purchase of your dream home.
2. A pre-approval can be used as a negotiating advantage, especially if several buyers are competing for the same house, or if the Buyer wishes to take advantage of a situation where the Seller is anxious. Sellers will be more likely to deal with a Buyer whose mortgage approval is assured over one whose loan ultimately may be rejected.
How to avoid Mortgage Fraud
Mortgage fraud has been a part of the real estate industry for a long time. It has been running rampant recently, so more Borrowers are aware of the possibility of it.
Here are some tips to recognize and avoid becoming a victim of mortgage fraud:
Get references for your mortgage professional, or better yet, ONLY rely on a professional to whom you have been referred by your Buyer Agent. We want to give you the best, most ethical Lender choices to insure the transaction closes successfully. Our reputation and future success depends on satisfied clients, and no one sale is worth losing our stellar reputation for integrity. We do NOT receive any fees for referring the Lenders we use, so you do not need to be concerned about a conflict of interest.
Be wary of "no money down" loans.
Read carefully and be sure you understand everything you are asked to sign, and talk to your own attorney if you need anything explained to you.
Do not sign any documents with information left blank, or that contains inaccurate information.
Deal directly with a reputable local lender or mortgage broker. Beware of doing business with Internet mortgage brokers. There are some that may provide reputable service, but that has not been our experience.
Insist on getting a complete set of documents at the closing.
Rely on your instincts. If it is “too good to be true”, it probably isn’t! If you work closely with us in the whole process, we bring the benefit of our experience and instincts, too. As your Buyer’s Agents, we are actively involved in the mortgage process and communication with your Lender. If they are unwilling to communicate with us, it is a signal that there may be something amiss.
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