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Why should I contact a lender so early in the home buying process?

i am not a fist time buyer but I am totally new to Oklahoma where the market has so many homes to choose from in the Norman area. Why must I make contact with a loan officer so soon when the prices vary so drastically depending on neighborhood. by stevenp01856 from Norman, Oklahoma. Jul 10th 2015 Reply


Sheryl Semore (ssemore@gpnbank.net)
#32 ranked lender in Oklahoma - 1 contribution

It's always best to get pre-qualified as soon as possible, when you know you're actively looking to purchase. The benefit is that both you and the realtor will know exactly the amount for which you are qualified. It also gives your lender the opportunity to see if there are going to be any foreseeable problems regarding credit, income, assets, etc. Sometimes there could be an issue that you are not even aware of. It's much better to start the house-hunting process when you already know that you're in a great position to make an offer, and that your lender can provide you with a Pre-Qualification Letter. Most realtors will never submit an offer without one.

Jul 10th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,045 contributions

Real simple.. the per approval process can take several days.. if you find the perfect property and you're not pre approved, but you insist your agent submit an offer anyway.. your offer will get far less consideration if it's not accompanied with a pre approval letter.. Also, by getting pre approved, if you have any credit issues that need to be addressed, you can take care of them before you go shopping rather than being surprised later when your in a hurry to get an offer in.. A good analogy would be.. you don't start packing the day your supposed to move, right? I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jul 10th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

If you find a house you want to make an offer on a seller is going to require a pre-approval letter be attached with your offer. If you don't have one that will cause delays and possibly on your bid for the house you want.

Jul 11th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,568 contributions

Without fail, it is a serious mistake to not be fully lender pre-approved before even looking at a single home. Every week, I talk to people who have been looking at homes for awhile, who try to make an offer, but can not because no self-respecting real estate agent will do so without a pre-approval. They then either lose out on the home because it too a bit to get pre-approved, or worse yet, after all this time, find out they do not qualify for one reason or another. It only takes a little bit of time to complete a full application, and submit basic documents to a loan officer for review. For loans in MN, WI, and SD, visit http://minneapolis-mortgage.net

Jul 13th 2015
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