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.Back to Table of Contents
Dont Miss a New Listing Again!
Already registered? Login
FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information NOT Shared*
Robin Rotella Team
Keller Williams Integrity First Realty
6641 S Kings Ranch Rd, Suite 3
Gold Canyon, AZ 85118
Robin Cell: 480-225-7445
Home | Open Houses | Our Listings | Search for Homes | Advanced Search | Map Search | Foreclosures | Commercial Search | Gold Canyon By Subdivision | Client Reviews | About Us | Local News | Meet the Team | Gold Canyon Blog | Contact Us | Real Estate News!!! | Gold Canyon Homes | Gold Canyon All Subdivisions | Homes for Sale in Gold Canyon, AZ under $200,000 | Homes for Sale in Gold Canyon, AZ from $200,000 to $300,000 | Homes for Sale in Gold Canyon, AZ from $300,000 to $400,000 | Homes for Sale in Gold Canyon, AZ from $400,000 to $500,000 | Homes for Sale in Gold Canyon, AZ from $500,000 to $600,000 | Homes for Sale in Gold Canyon, AZ from $600,000 to $700,000 | Homes for Sale in Gold Canyon, AZ over $700,000 | Mortgage Rates | Buyer/Seller Info | Gold Canyon Community Info | Natural Hazards in Arizona | FREE kw Search App | Best Local Movers
© 2018 Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Information deemed to be reliable but not guaranteed. Real estate listings held by brokerage firms other than Robin Rotella PLLC are marked with the ARMLS logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Only IDX residential listings are displayed on this site. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify perspective properties consumers may be interested in. This site will be monitored for 'scraping' and any use of search facilities of data on the site other than by potential buyers/sellers is prohibited. Information last updated on 2018-04-21.