Comments on: The Importance of Being Pre-Approved

By: Mike In Dallas

Mike In Dallas — Sat, 26 Sep 2009 01:52:03 +0000

I wont take anyone out unless they are preapproved. We dont look at homes till you talk to a lender.

By: Baltimore Homes

Baltimore Homes — Sat, 01 Aug 2009 03:37:39 +0000

This is so true. I can not tell you how many times I have stressed to these issues to Baltimroe Home buyers in the past.

By: Clairemont real estate agent

Clairemont real estate agent — Fri, 31 Jul 2009 21:00:18 +0000

Being pre-approved just means you’ve already jumped the 1st hurdle and are ready for the next one. You don’t have to jump over millions of 1st hurdles when you know you’ve already jumped that 2st hurdle. Less jumping to do.

By: Ki

Ki — Tue, 28 Jul 2009 20:04:12 +0000

I always tell clients that if they find a house and we end up in a multiple offer situation where the other offer has a letter and we don’t they will have to offer a few thousand above the other offer to win. So not having a letter can cost a significant amount of money

By: Baltimore Homes

Baltimore Homes — Tue, 21 Jul 2009 20:52:33 +0000

You are correct, it seems like common sence. As a realtor selling Homes in Baltimroe I can say that I have to explain the importance of being pre-approved on a weekly basis. Consumers generally feel that the mortgage qualification process is simple and fast. It is the LAST though most buyers have when they decide to shop for homes. If you have a 700+ credit score, strong reportable income and your debt-to-income ratios are in line you should be ok. However, how do you know until you get pre-qualified and identify what loan programs you qualify for in this ever changing market.

By: Sam Chapman

Sam Chapman — Mon, 20 Jul 2009 18:41:44 +0000

Another reason to get pre-approved is the time it is taking to close on a loan. This includes additional time for appraisals thanks to the HVCC. Pretty soon it will also take longer as buyers will have a mandatory 7 day waiting period to review a good faith estimate thanks to the new disclosures coming out.

By: Ryan Jones

Ryan Jones — Mon, 13 Jul 2009 17:17:10 +0000

Good article and it is a very good idea to get pre-approved. But make sure the loan officer actually runs the buyer through an automated underwriting system and the information is acuurate. as the saying goes garbage in…garbage out!

By: Cary NC Real Estate

Cary NC Real Estate — Mon, 29 Jun 2009 04:07:28 +0000

Well put. Many buyers don’t see the importance of gaining pre-approval, but it really can help make the whole process go far more smoothly.

By: mary

mary — Sat, 27 Jun 2009 16:10:05 +0000

I hope you will have a ton of readers. As a seller with an house in the upper range, I don’t even want to show my house to someone who is not pre- approved.