But First A Lender

Dated: January 3 2018

Views: 155

But First, A Lender!

So you have decided to buy a home? Congratulations!  I know you are excited to get out and start looking right away but first you really should talk with a lender and get a pre-qualification letter, or even better a pre approval letter.  There is a difference!  One is better than the other.  Here is how they differ:

  • Pre qualification is a simple process, you can usually get one on the internet or over the phone.  You provide the lender with an overall snapshot of your finances, including income, debt and assets. With this information the lender can give you a general idea of the size of a mortgage you may qualify for.  This is not an in depth look, they do not look at your credit and it is generally free of charge. 

  • Pre Approval is more in depth and you will fill out a mortgage application (there may be a fee) After you do this the lender will be able to tell you exactly what you qualify for, and the interest rate.  You may even be able to lock it in. 

Having these before you begin your home search gives you an advantage, especially in a hot market like the Savannah area!  When you find "The One" you will be ready and your offer will hold more weight to the seller.  If they get another offer at the same time as yours and they only have a pre qualification, your offer will instantly be more appealing. 

With that being said I would like to touch on Lenders!  Most Realtors would recommend going with a local lender vs. a big box bank or even an online bank.  You will receive better customer service, they actually answer the phone and they can typically get a loan approved faster, there are less middle men to go through.  Another advantage, their guidelines and criteria are often not as strict as a bank, they can often approve people that banks cannot.  Another benefit is it will also make your offer stronger as well!  If you are going against other offers and you are using a lender that is recognized, your offer will be even more appealing!  In a competitive market like the Savannah area every advantage you can stack up can help you land the home of your dreams! 

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Jenny Rutherford

Meet Jenny Rutherford Jenny Rutherford Real Estate, LLC. Where did you grow up? I grew up on a farm at the base of the Blue Ridge Mountains in Virginia. I've lived in several states, including Virgi....

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