3 Reasons To Get Pre-approved
- The pre-approval acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process is free and should only take a few minutes.
- As a courtesy to the homeowners, brokers often ask that agents wait to show homes until buyers are pre-approved by a lender.
- POF (proof of funds) should be provided when you make an offer on a home. While pre-approval is non-binding for the lender, it does serve as a good indication of your general creditworthiness and can be used as your POF when making offers.
Choosing a lender is the first big step toward buying a home. It is always wise to shop around for the best rates, terms, and closing track record. The following lenders have been recommended to us in the past.
Highlands Mortgage: We have worked with Rae Lyn Bowyer on several transactions and she has always closed on time. Highland is ideal for clients with good credit and banking history who are buying a traditional home with an FHA or Conventional loan.
Merit Mortgage: Clint Cowan comes highly recommended by other agents in our office. Merit Mortgage offers many different programs, including VA, FHA, and more. They can work with lower credit scores and have programs available for new construction and mobile homes.
Pilgrim Mortgage: We have worked with Brent Patterson in the past. Pilgrim offers many different programs, including USDA, VA, FHA, and more. They have programs available for lower credit scores.
Keller Mortgage: The Zero Plus program offers Zero Origination Fee, Zero Lender Fee, Plus $1,000 at Closing & A Low Rate
Your personal bank or credit union may also offer competitive rates & terms!