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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

I was very selective in finding the right realty and realtor. ERA Kings Bay had outstanding reviews and GInny was an absolutely perfect fit in all the qualities we were looking for. We were treated like family and not as another client. Ginny was patient and made sure we found the perfect home. I thank ERA and Ginny for an exceptional experience. I will definitely recommend ERA Kings Bay and Ginny Jacobs.
Lori was amazing from the first meeting until the day of closing. She was very thorough in explaining the process and helped us every step of the way. Lori kept us informed and was very responsive when we had questions, Lori's knowledge and attention to detail is exceptional. We appreciate the way that Lori communicated and handled every step with her expertise. She made the whole process so easy for us! I would highly recommend Lori to friends and family and she will be my first call the next time I have any real estate needs.
In our opinion, Deborah is the perfect agent. She kept us well informed and responded to our calls in an expedient manner. She was a pleasure to work with and guided us throughout the entire process. We are looking forward too working with her in the future.
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