Getting Pre-Approved

Getting prequalified, before writing an offer is the 1ststep a buyer should take in the process of buying a home. But not all lendersare created equal!

Loan Banker- This is a person who works for a company that funds their own loans. Often their rates are better.

Loan Broker- A loan broker works for a company that workswith many other companies who purchase, sell, and shop loans, to many lenders.Their rates are usually a little higher, but competitive. Often they have morelenient criteria, but your ability to purchase a home is still only as good asyour credit score.

Your Bank- This is an excellent place to get a loan. Theyhave many options and can perform in the same function as a loan banker orbroker.

Tips On Finding the Right Lender

  1. Get references from your agent, friends, and family. Investigate each lender and weigh the options.
  2. Speak to at least three before allowing your credit to be pulled by any. Decide in advance what type of loan you are considering. But remember, if it sounds to good to be true, it most likely is.
  3. Check your credit score before the lender pulls it. This will allow you to be prepared for whatever they say to you. The lender may suggest you clean up your credit a bit. The best way to do that is simply pay your bills on time.
  4. Keep in mind, that any major purchases you make after being prequalified may affect you ability to obtain the loan. For example, if you are prequalified to purchase a home, if you then buy a car and obtain a 5 year loan, you have just increased your debt load. What the bank offered you before may change. They will not exceed their standard debt to income ratios.
  5. Be smart, do your homework, and listen to the professionals. Your agent can be a useful guide in the process, but we are real estate consultants, ultimately you must decide what is best for you.

www.wellsfargo.com
5900 Oleander Dr, Wilmington
(910) 392-7828

www.dovermortgage.com
4130 Oleander Dr
Wilmington, NC 28403
(910) 313-0045

www.forthebestrate.com
2004 Eastwood Rd Suite 202
Wilmington, NC 28403
(910) 452-7283