Times have changed, ask any Mortgage Lender, Realtor, or anyone looking to buy a home.
When buying a home the buyer must be pre-approved unconditionally. Why is this so important to be approved unconditionally? The bottom line is, I would hate just as any other Realtor for the buyer to find a home they “LOVE”. Only to later learn they are unable to purchase the home because of the daily changes taking place in the mortgage industry.
In the past a person wishing to buy a home only needed to be pre-qualified or pre-approved to get a Realtor to show them homes.
A pre-qual”if”ication is as states. a qualification based on what the prospective home buyer tells the lender. The “if” is in quotes because it is iffy at best.
A pre-approval in the is just one step above the -. A pre-approval usually requires the prospective to complete a loan application and permission for the lender to run credit.
The best way to ensure a home buyer does not waste time when searching for a home is to be approved unconditionally.
Approval unconditionally is best and includes all parts stated above, but goes further verifying the information on the loan application. The Loan officer will complete a loan package and have it underwritten by the investor that will loan the money for the home the home buyer will soon fall in “LOVE” with.
Some loan officers will say they do not have time. I say the home buyer does not have time to waste finding a home they “LOVE” only to be disappointed.
There are other advantages to to being pre-approved unconditionally. It will tell the seller of the home the buyer “LOVES” they are serious, serving as a negotiating term, saving the buyer time and money.
Money is saved because the seller feels like they can not let this one get away by countering back. Thus, accepting the offer of the buyer.
Time is saved because the lender has already had the buyer underwritten, There is no delay waiting for the package to handed back and forth figuring out what is missing. When the buyer has been approved unconditionally the closing happens very quickly. Often in 7 to 10 business days.
In conclusion contact a lender before looking. It will save Time, Money and Effort, not to mention disappointment.
