Don’t miss this video if you want to get prequalified for a home loan (under 2 min)
DON’T Do It!
Let me explain
In the past, buyers would to look at homes, and then write an offer with their agent and submit it to the seller. Many of the sellers would actually, accept the offers without even knowing, if the buyer could get a loan. Obviously, you can imagine the problems
So, our industry, lenders, REALTORS etc, decided to fix the problem so it would be easier for everyone and save everyone a lot of wasted time and money.
Everyone did a really good job of marketing and advertising the benefits of getting pre-approved before shopping for a home.
Unfortunately, predatory lenders used this to their advantage.
You know them, the online lenders with names like Quicker loans, Money Tree Loans, and even Rocket Man loans. They knew that it was a lot of work for a buyer to fill out the application and submit all of the necessary documents. So they set out to make it seem easier and faster then using a local loan officer.
And they did a great job. They also knew the statistics. Most buyers will only want to do that one time, so, get the buyer first and they are most likely to stay
So
This is why I told you that you, DON’T get pre-approved
I want you to talk to your trusted, experienced, real estate agent first
They know who the best loan officer will be, for your specific needs
and
The loan officer, that the sellers agent, is most likely to promote to the seller
Making your offer look better than the rest
For more information on How to Choose the Right Lender, check out our short video
