Welcome or Register
Back to Table of Contents

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.

Back to Table of Contents

DON'T MISS A NEW LISTING AGAIN!
Register Now
Already registered? Login

FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free!
*Contact Information is NOT Shared*


Quick Search


view all


Any

Any

No Min.

No Max.



Troy Stukowski

**Offices in Barrington, Elmhurst,
Libertyville and Lake Geneva
508 South Northwest Highway
Barrington IL 60010
Direct: 815.245.4882
Email: troy@atproperties.com

Contact Me





* fields are required

FAR NORTHWEST SUBURBAN HOMES FOR SALE 

McHenry, Kane and Lake County Realtor
Troy Stukowski

508 South Northwest Highway

Northwest Hwy & Main Street 

Barrington IL 60010 

Serving McHenry, Kane, and Lake Counties including Crystal Lake, Cary, Woodstock, Algonquin, Lake in the Hills, McHenry, Huntley, Dundee, Pingree Grove, Hampshire and many more!

For Sellers

Let us quickly and accurately assess your home's current value.

Free Email Updates

Register now to receive free email listing updates!

Contact Me

Have a question? Want more information? Let's get in touch.

Real Estate Websites by iHOUSEweb iconiHOUSEweb | Admin Menu