Why Get Pre-Qualified?
1. Pre-qualification 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 may take only minutes or a few hours at most, and is free.
2. While a "pre-qual" is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.
3. These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying this is the first step towards getting you in your new home.
Use a Local Lender
1. Our properties here in the mountain are unique and very different from those in the cities and suburbs. First of all unlike the neighborhood you live in most of our properties are not owner occupied. That's true of homes and condominiums. Generally not a problem for single family homes it is definitely an issue for multi-family units. Also, many of our buildings have a mix of commercial and residential units.
2. Does your lender have programs for non-warrantable condos or Condotels? Most don't because there are not these types of properties where they do their business. Local lenders immediately recognize and can fit you into a program for both of these. This is critical because they make up a large portion of our vacation rental inventory.
3. Some sellers will not work with a buyer's out of town lender because they have been burned at the last minute. This is especially true of the large institutions with different people working on the file each day. Personal contact is critical in the loan process.
4. Contact me for my list of trusted and experienced local lenders.