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.
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, those who cannot provide you with the right information, those who choose not to use a title company to prepare and research title, and those who do not have a legitimate office. Every lender must be registered as a mortgage lender and have NLMS number.
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Christie Muckerheide Gard | 812-593-5638 | Contact Us
1228 Westridge Pkwy - Greensburg, IN 47240
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