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Getting a Legitimate Lender and Getting Pre-Approved

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.

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Ronda Campbell
Frisco, CO 80443
Phone: 970-389-3437
Email: ronda@colorado.net

Testimonials

In the last 3 years, my wife and I have bought two properties using Ronda Campbell as our realtor. Ronda Campbell's excellent communication skills and knowledge of the Summit County real estate market was extremely helpful in guiding us through the selling and purchasing process. Ronda Campbell provided a professional and easy to work with demeanor and we will certainly only contact her again for any future real estate Transactions in Summit County Colorado. Gregory Louden
We would recommend Ronda to anyone looking to buy or sell their home in Summit County and the surrounding areas. Not only is Ronda knowledgeable of the market, she is also extremely responsive and has gone above and beyond expectations to help us buy or sell our homes and even saved us lots of money. Whether we were buying or selling, Ronda helped us each step of the way from listing, inspections, appraisals to smooth closings. She is very skilled in today’s technology and she made the entire process flow smoothly. Ronda is well connected to the Community and can provide great resources for anything you may need like repairs, cleaning, moving, storage and much more. We would recommend Ronda to anyone looking to have a great experience selling or buying their home. Jayne Esser
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