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
DON'T MISS A NEW LISTING AGAIN!
FREE AUTOMATED EMAIL UPDATES
The HSMLS Data on this site was last updated: 2019-07-21.
Information deemed reliable but is not guaranteed.
The data relating to real estate for sale on this web site comes in part from the Hot Springs Data Share Program of the Hot Springs Multiple Listing Service. Real estate listings held by Brokerage firms other than Hot Springs Realty are marked with the HSDS logo and detailed information about them includes the name of the listing brokers.
Information provided is for consumer\'s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for \'scraping\' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. The listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.
Copyright 2019 Hot Springs Multiple Listing Services of the Hot Springs Board of REALTORS.
Cooperative Arkansas REALTORS® Multiple Listing Services, Inc.© 2019. All rights reserved. Information deemed reliable, but not guaranteed. Some properties which appear for sale on this web site may subsequently have sold and may no longer be available. The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Cooperative Arkansas REALTORS® Multiple Listing Services, Inc. Real estate listings held by brokerage firms other than Hot Springs Realty are marked with the Broker ReciprocitySM logo and information about them includes the name of the listing brokers. Broker ReciprocitySM information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items.Listing information last updated on 2019-07-21 17:58:59