In order to postion yourself to get the home you want and not just settle, know the difference between pre approval and pre qualification, and be in charge. When the market is very active, you need to prepare yourself to be the one the seller's feel will get them the best deal in the amount of time, they want. Each seller has their own set of circumstances just as the buyers do. Do your homework and ask questions of both the lender and your agent. Always have an agent representing you, buyer's should have someone representing their best interests. I am here to help you with your real estate needs and purchase, I only work with the buying side or the selling side, I don't know how you can get the best deal possible for either side, if working for both sides.
Pre-Qualification vs. Pre-Approval
One sure way to reduce stress during the process of home buying is to seek pre-approval. Buyers who are pre-approved are taken more seriously than their pre-qualified counterparts.
Pre-qualification is not a loan commitment from a lending institution; it is only a loan agent’s opinion that you will be able to obtain financing. Virtually anyone can achieve pre-qualification status. Pre-approval, on the other hand, signifies that the application has been taken through a rigorous procedure. Pre-approved buyers enjoy these benefits:
1. If you make an offer on a home and then apply for a loan, you are at the lender’s mercy. He sets the interest rate and points, aware that you do not have time to shop around.
2. Pre-approval saves time spent looking at houses you can’t afford.
3. If you rely on your lender to tell you what you can afford, you may end up with a high mortgage payment. Most people can qualify for more than they feel comfortable paying.
4. Having a pre-approval letter from a lender gives you an edge when multiple offers have been made on a house.
5. Pre-approved buyers can generally close escrow more quickly. Once you submit your credit package, most of the legwork has already been done.
If you need referrals please let me know, and I would encourage you to talk to at least three lenders and see what they have to offer.