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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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Testimonials

HI My name is Steve Woodhatch from Sydney Australia.I have bought and sold many properties right across Australia. I am writing of my experience with Dan Reedy from MORE Property. I bought 3 properties from Dan Reedy,and had never bought in USA or knew much about Kansas City Mo,till I heard Dan Reedys radio show. After listening and thought this guy knows what he is talking about I dropped him an email,and made the long trip From Australia to Kansas City mo. I also went to about 4 other states and spoke and looked at many properties,but I found Dan to be the most ethical and Knowledgable as regards the many different markets in Kansas city from Properties in the hood right up to the most expensive suburbs.I will be buying more from Dan. And his wife Nancy is very proficient in accounts and the rental side of the buisness which is one of the most important parts of owning Real estate. Kind Regards Steve Woodhatch Sydney,Australia Steve Woodhatch
It is with much pleasure that I write this letter of recommendation regarding Dan Reedy and his agency, MORE KC. As an overseas investor, finding excellent management was crucial for me, and I feel very fortunate to have Dan and his team looking after my properties. He and his wife Nancy offer a complete real estate service, ranging from rehabbing, to carrying our repairs, finding tenants, and managing the tenancies. Dan is an excellent communicator, which is of paramount importance to the overseas investor. Whenever I have cause to email him, he invariably replies on the same day, and more often within the hour. If urgent repairs need to be carried out, Dan always manages to sort things out immediately, and I always receive his friendly email saying ‘all done’ once things are back in order. Nancy runs the rental side of things like clockwork, with rental statements always delivered on time. The Property Ware software used by MORE KC is brilliant, and because Nancy and her team are vigilant about keeping it up-to-date, owners can log in at any time to check on the current state of bills, repairs, payments, leases etc. I have no hesitation in recommending MORE KC to any property investor, and particularly to out-of-state and overseas investors, who can feel confident that their properties are in good hands. Yours sincerely, Diana Masters Diane Masters
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Dan Reedy 816-767-1188

Over 2000 Homes Bought and Sold Since 2005

#1 United Agent Nationally

 

house realtor mls Click for the BBB Business Review of this Property Management in Grandview MO