Buying or Selling a Home/Mortgage Lender question?

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Question
Good morning, Ms. Bryan! You might remember that I asked you some questions a few days ago about mortgage lending and home buying. I have another question, if you don't mind.

Should I get preapproved for a mortgage from multiple lenders? Do you think that is a smart choice? I don't want them thinking I am not serious but I want to compare options as well.

Answer
Hi Miss Susan;
Getting pre-approved  is not necessary to explore your options. A pre-approval will require a loan application and credit report which you probably don't want to do (or pay for) too many times. You can talk to several lenders and ask about their programs but when you decide who has the best loan for you, have them pull your credit report and get you a pre-approval by having you fill out a loan application and review the file.  A pre-approval is different from a pre-qualification.  A pre-approval says that the lender has reviewed the application and your credit report and that you are not only qualified but can get the loan (which is still subject to certain conditions and approval by the underwriters).

If you want to shop around, be clear with the lender that this is what you will be doing so that they will not charge you anything until you are ready to commit with them. It is a common practice so don't worry that they will perceive you as not serious.

I hope that this helps.
Warm Regards and best wishes,
Jessica Bryan
Managing Broker, House to Home Realty Services

Buying or Selling a Home

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Jessica Bryan

Expertise

buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.

Experience

Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.

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