Why Buyers Should Adopt the Scout Motto
July 2nd, 2008 categories: Real Estate Buying, Real Estate News
Be Prepared!
Buyers, especially first time home buyers, need to adopt the scout’s motto. Whether you are buying a home/condo in West Chester, Fairfield, Oakley, Cincinnati or Liberty Township- you will likey need to borrow money to pay for the purchase.
Most buyers start the real estate process by:
- house hunting on the internet
- maybe contacting a realtor for assistance
- talking to a lender and obtaining a “preapproval letter”
- finding the house of their dreams and writing a purchase contract (sometimes they switch the last two steps)
Unfortunately in today’s mortgage world, many buyers are finding their preapproval letters to be worthless.
Why- well the lender didn’t pull a full credit report and did not send your file to their underwriter for approval.
If you are really serious about buying do the following:
- contact a reputable lender and set up an appointment and “apply’” for the loan. (there a lot of types of loan programs on the market today)
- don’t have a loan officer’ name -check with your bank, your realtor or your family for suggestions. (or call me- I deal with a wonderful loan officer that I send out of town family to him)
- arrive prepared for the loan application- if you are not sure what do bring- read this documentation
- after inputting all of your information/documentation most lenders can give you a yes, maybe or no for loan approval within a very short time frame
- yes- go ahead and start house hunting
If you get the maybe or no answer - a good loan officer will sit down and discuss what you need to do in order to clear up problems. Follow their advice. Many of today’s buyers need to clean up their credit scores in order to obtain a loan…. so don’t feel like you are the only one.
A word of advice-if you shop lenders and 3 of them tell you no at this time and the 4th lender offers you a loan- be very very wary.
“Be prepared” with your loan approved and sellers will love you!
Need more help with the “home buying process”? Stay tuned, subscribe, email or call.
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