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Lenders are packaging pre-approvals in many different ways today. Some are using rockets, colored buttons, fancy names and clever animation. We believe consumers are better off armed with more facts and less flashā€¦after all, the real issue is, can you get financing to purchase a home? Here is our best advice.
A pre-approval should be offered at no cost with no obligations. If a lender has the opportunity to assist you with a pre-approval, they should be happy to provide that service and have the opportunity to earn your business.
A valid pre-approval must ALWAYS include accessing your credit report. Lenders who claim they can offer a valid pre-approval without accessing your credit are not offering you a valid pre-approval. They are only trying to generate leads. Find a new lender.
Your lender should be willing to spend time discussing your home purchase goals. Developing a plan and issuing a pre-approval go hand in hand. Your pre-approval should reflect the plan you have discussed with your loan officer.
Buyer Advantages of being Pre-Approved
- Knowing what loan program is best for you
- Being confident on how much you can afford
- Estimate of monthly payment
- Estimate of funds needed for closing
- You and your real estate professional can write your offer to purchase with confidence
- The pre-approval letter shows the seller you are a serious buyer
You have questions; your Loan Officer will help you with the answers.
- What goes into the mortgage loan process?
- What can I expect?
- What is pre-approval?
Contact your Wisconsin Mortgage Corporation Loan Officer today for more information on how to become pre-approved, as well as any other mortgage questions you may have.
Tags: Buyer, Home, home purchase, Letter, Loan Officer, Mortgage, pre-approval, Questions, Wisconsin Mortgage Corporation Loan Officer
Categories: First Time Home Buyers, Home Buying, How to, Mortgage
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