Get Pre-Approved

Why Being Pre-Approved before looking at homes can save you time, money and stress.

Buying a home today is much different when compared to ten years ago, where you first found your home and then applied for a loan.  Today’s market calls for efficiency which means first getting pre-approved for a loan and then finding your home.

What is confusing buyers is when a lender will offer to pre-qualify you for a loan rather than pre-approve a loan.

Pre-qualification does not provide much information to sellers.

Pre-approval tells the seller to know how much you can afford to pay for a home using a mortgage.

Pre-approval means that a buyer has applied for a mortgage.  Pre-approval means that you have completed a mortgage application, had your credit report reviewed, and had your employment and assets verified.  You will also know the price range of the mortgage the lender will allow.

Those with pre-approved loans will be taken more seriously by sellers when offers are being made on potential Lakewood Ranch Homes.

You will need to consider finding legitimate sources for a pre-approved loan.  Most of these sources include: banks, credit unions, mortgage bankers or brokers, and some online lenders.

I would love to help you through the process quicker by showing you the steps needed for home buying.



Shop around and compare– If you need to borrow money for a home purchase, refinance, home repairs, medical expense or bill consolidation, shop around with different brokers and lenders. Compare interest rates and find out what the total costs of the loan and your monthly payment will be before making a decision. Use the Good Faith Estimate from each application to compare loan terms and costs.

Negotiate– Don’t let the promise of extra cash or lower monthly payments get in the way of your good judgment about whether or not the cost you will pay for the loan is really worth it. Don’t agree to a loan that includes extra products you don’t want. Negotiate the loan terms and agree to a loan amount only for what you need.

Be cautious– Be wary of anyone who calls you on the phone, solicits you via mail, fax or e-mail or comes to your door offering bargain loans. Beware of claims that the offer is only available for a short period. Beware of lenders claiming “Bad credit? No problem.” If the loan seems too good to be true, it probably is.

Never act immediately– Say no to lenders who ask for upfront fees, allegedly to cover a first loan payment and other expenses as part of the application. Never pay a lender cash for any fees. Always make the check payable to the lender, not the individual loan officer.



About Mike Kozlow

I'm a "Cheesehead in Paradise"! My history of fair and honest dealing, abiding by the rules, and knowing where to find the answers gives me that ability to not sell someone a house, but assist in the purchase of a home.
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