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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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Testimonials Page

This property sale was very difficult to get accomplished. Mrs. Debbie Trey work many hours and months to get this sale done. I believe her dedication to this sale was second to none. I'm currently out of the country for my job but when I come back to Kings Bay and I'm looking for a home or land to purchase I will definitely seek out Mrs. Trey for I know she will not quit and that determination and dedication to her customers has left an impression on me forever. I highly recommend anyone looking for a home in southeast Ga to use Mrs. Trey she is defiantly an asset to the ERA team. Great Job! Very Satisfied Customer.
We have purchased a few homes over the years, and have not had much success in working with realtors until we met and worked with Ginny. Ginny has by far been the best realtor we have ever worked with. She kept us well informed of the status of the sale. She came through at closing when there was a glitch, thus allowing us to close on time. Ginny went above and beyond to make sure we made the purchase that was best for us. She told us about the new city we were moving to, such as the history things to do and see. Ginny made us feel welcome and excited about moving back to a smaller community. She is a keeper. Thank you to Ginny and your office for a great buying experience.
Ginny did a great job. She made sure we were aware of the status of the sale and was ready to jump in when there was a glitch at closing. Because of her actions we were able to close on time. Thanks so much. I would recommend her to friends and family.
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