5 Tips On Getting Pre-Approved For A Mortgage In 2022
#1 – Talk with a trusted mortgage professional
This may be the largest asset, along with the largest indebtedness, you may ever have in your entire life! Buying a home is a big deal! You don’t want to waste your time talking with someone who isn’t experienced, knowledgeable, or gives you the time and energy to educate you on all the available options for your situation. Talking with an experienced and trusted mortgage professional can help make sure the decision you’re making is a sound one.
#2 – Be wary of false preapprovals
Not all mortgage pre-approvals are cut from the same cloth. A preapproval is supposed to mean that you are taking the loan application, pulling credit, getting loan documents, and running the client’s information through the automated underwriting system for your pre-approval. Unfortunately, not all companies in this industry do their due diligence. Online lenders, especially Rocket or Quicken (they are one and the same), are notorious for false preapprovals. We know many agents who won't even accept pre-approval letters from Rocket, due to being burned by them with false pre approvals so many times.
#3 – Brokers are better
Comparing a bank or an online lender to a mortgage broker is like comparing apples to oranges. They have one set of options, pricing, and guidelines for their mortgage products. As a mortgage broker, we have dozens of lenders to choose from, allowing them to compete with one another to provide our clients with the best rates and fees possible! Even if it’s not with us, please use a mortgage broker that you like and trust so they can make these banks compete for your business!
#4 – Get it in writing
Not all pre approvals are cut from the same cloth and the same goes for mortgage professionals. As a mortgage professional, we are in a commission sales business. Unfortunately, there are bad actors who will promise you everything under the sun to get your business, only to blindside you with fees at the 11th hour. Whenever you are getting quotes from a mortgage professional, get an estimated fee breakdown or loan estimate in writing! Without it, there is no way to hold them accountable.
#5 – Ask questions
Mortgages are not common sense! Things constantly evolve and change. Even if you’ve purchased a home before, chances are there are new rules and regulations in place since then. We want our borrowers to ask as many questions as possible, because educated borrowers make educated decisions!
Some times you are just looking for advice and a better understanding. You don't want to talk to someone who is going to try and sell you.
We can help. Let us know a little bit about what you are looking for and we will reach out.
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Mortgage Broker Trinity, Florida
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