Why Get Pre-Approval?

 

  • A letter of Pre-Approval is submitted with your offer.
  • It shows that you are serious, have your finances in order, and are ready to buy a house.
  • It shows your Buyer's Agent the price range to shop with you. 
  • It shows which lender has trusted you, the buyer.

 

  • It shows the seller that they can have confidence to take their house off the market, and pick YOU to buy their house. 
  • It shows the seller that you can afford to buy THIS house.

 

The Pre-Approval letter, submitted with an offer, is vetted by the SELL agent. They may contact the lender and ask how thoroughly they have vetted you.  Have they put you through underwriting? Can they describe the process or was it automated? What is the lenders ability to perform and close on time as specified in the contract? I actually had Millbury Credit Union tell me they weren't meeting their goals to close on time, and would likely need extra time. What if I didn't ask? 

The selling agent is looking for confidence, to relay to the sellers, and we want to give it to them.   If there is a choice between Quicken Loans and a local lender with a successful track record, which offer do you think they will take?  I have had buyers change mid stream to a credit union to save a fraction of a percentage point and call me after they moved, to tell they wish they hadn't. They incurred M-F bankers hours, red tape and inconveniences, uncovered desk vacation time, required locations to close, more costs, and more attorney fees. I have also had a Quicken loan turned away at the offer table, asking for another local lenders opinion.  

What is at risk to the sellers? They are packing up and vacating their home for you, and they want smooth sailing!  The biggest risk is moving out, not getting their money to buy the next house, homelessness, and the domino affect all the way down the line.

 

 If you want a fast and efficient letter of Pre-Approval, that can win offers, AND an unparalleled success rate to get to the close, call Susan. I have a team in place to work together, and help you win the house! 

 

 

 


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