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One of the services that I provide a buyer is information. I have included contact information for various lenders who have provided excellent service to my clients in the past. By calling various financial institutions and talking to knowledgeable loan officers, you start to learn what it will take to arrange the financing for your properties. By actually deciding on a lender and discussing your financial options before finding the home of your choice, you are able to make rational decisions about the price range that fits you based on education rather than guess work.
The biggest advantage of pre-approving is that a pre-approval letter from a reputable lender tells the seller that without a doubt you can afford their home. In our current market sellers have a "show me the money" attitude and will sometimes take a lower offer with a pre-approval letter than they would without. The approval will cost you the credit report fee and lasts for approximately 6 months. It is very important to choose a lender before you start the pre-approval process, because each time a lender pulls your credit it puts an inquiry on your report. I would encourage you to talk with your credit union if you have one, as sometimes they have very good rates. Feel free to tell any of these lenders that you are working with me or that I referred you to them.
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