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Getting a Legitimate Lender and Getting Pre-Approved

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. Pre-approval means that you have applied for a mortgage; you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.

A pre-qualified letter is not verified and in essence, does not count for much if you are competing with other buyers who are pre-approved. When you are pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property.

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, and those who cannot provide you with the right information.

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Rhonda Montgomery Real Estate, LLC
4218 Veterans Blvd Del Rio, TX 78840
Office Phone: (830) 775-3704

Rhonda Montgomery, Broker/Owner
Cell: 830.313.0106
Rhonda@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

Dawn Clayton, REALTOR
Cell: 830-719-5479
Dawn@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

Cesha Hernandez, REALTOR
Cell: 830-719-3950
Cesha@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

Amanda Stanford, REALTOR
Cell: 512-587-3017
Amanda@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

Tony McDonald, REALTOR
Cell: 830-734-5352
Tony@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

Marie Pereles, REALTOR
Cell: 830.734.1721
Marie@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

Mary Riggs, REALTOR
Cell: 830.734.7206
Mary@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

Reyna I. Diaz, REALTOR
Cell: 830.719.3404
Reyna@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

Christina Santos, REALTOR
Cell: 830.765.6086
Christina@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

Gabriel Santos, REALTOR
Cell: 830.734.0198
Gabriel@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

Lisa Garcia, REALTOR
Cell: 830.734.2978
Lisa@RMontgomeryRealEstate.com
Texas Real Estate Commission Information About Brokerage Services

 

 

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