Buyers: Get Preapproved FIRST, and Local Lenders VS Big Banks


Good morning hello everyone
Angie Wernimont here with Hero Realty I wanted to pop in for a quick video I
kept trying to think of an introduction video to do and realized I don’t need to
do an introduction video you all know me already and if you don’t you’ll learn
about me as we go along so I’m gonna be doing a series of videos just with
quick little tidbits of information that might help you in your quest to own a
home or sell a home in general so today I just wanted to touch base on two
things so why it’s important to be approved
before you get started looking for a home and also why local lenders beat
banks in my opinion so first off the local markets are moving crazy fast
still they have been for the last year plus and what that means is that we have
less houses for sale than we have buyers looking in these areas and and what
happens is we have these crazy multiple offer situations on these houses and
tons of buyers are missing out with crazy crazy offers going above list
price and and and just selling on the first day it’s it’s nuts so fun on the
seller side not so fun on the buyer side stressful for all so excitement to be
had but still worth it but basically the reason why we need to be talking to a
lender before we get started it’s real simple you’re gonna go to
homes in certain price ranges and we need to know what that price range is
that we’re really going to be buying in we you know we don’t want to be looking
at houses that are you know $300,000 if you’re going to be pre-approved for only
say two hundred thousand 250 falling in love with a house or a style of home or
an area that’s out of our means I mean that’s that’s kind of depressing I mean
it can be so it’s good for that reason but also I mean we like to be prepared
as your real estate agent I will advise you you need to be prepared to write an
offer because people fall in love head over heels for houses just like they do
people you want to be prepared to write an
offer if it’s something you love especially while it’s moving this fast
the market so if we get into a house day one on the market when its first for
sale and there’s 25 people at the showing with us with their agents all
ready to look around and love the house and write on it we need to know that
you’re you’re actually approved to buy because if you love it if you want to
live there we got to be able to move sometimes and it doesn’t mean you have
to make quick decisions you don’t have to but we sometimes miss out on houses
due to not being pre-approved or not you know maybe waiting to think on it things
like that it does happen but it’s just best to kind of know what we’re dealing
with ahead of time so getting that pre-approval super important we’ll need
it for any offer we write you have to turn in a pre-approval people don’t
really even pay attention to offers that don’t have them attached so that’s
something that’s of utmost importance but really easy I mean you
call a lender you can talk to someone at your bank you can go just if you have a
lender that you know a mortgage loan officer a bank guy whoever that you like
and you want to talk to by all means go talk to them the reason why I suggest to
my clients to use a local lender you know if you go in a Bank of America US
bank things like that you’re gonna get most of the time an 800 number you’re
gonna be connected to a call center or some sort of office situation where
maybe they’re only open Monday through Friday from 8 to 6 I mean who knows what
their hours are but usually there are limited hours involved with those type
of situations and the reason why a local lender would be good and and it can be
anyone and maybe it’s someone you know and maybe they do work at the bank but
the fact that you know them and they are local helps we get their cell phone
numbers and and that’s important because when we’re looking at houses usually
it’s in the evening or on the weekend and if you need to know okay this house
has an association fee, am i still gonna be
able to afford it can I write on it you know how much in closing costs do we need,
that comes up all the time we talk about it beforehand sometimes
but it changes depending on the house you’re looking at and wanting to write
on so knowing that you’re gonna be able to get a hold of that lender that super
important piece of the puzzle that lender at any given time, now they have
lives too and we like to try to leave them all alone when possible but when
the stakes are high when we are looking at writing or not writing on a house we
need to be able to get ahold of those people and same thing goes during the
entire process I mean you want we want somebody who’s gonna answer the phone
and who’s gonna be there and in and questions I’ll be honest most questions
come up during the evening and weekend hours and and if you’re working with
someone who’s got you know if you’re working with a bank in general instead
of a local lender you might not be able to get through to that person in a
timely manner and I’ve had successful transactions with a bank so don’t get me
wrong it works and it’s fine and sometimes your local bank might be able
to give you some kind of a discount if you use them for your checking account
so do look into it but that’s just why I tend to suggest the local lender for my
clients so I do have people that I like to use that I trust to help my clients
out well that I trust to communicate the way I would want my clients communicated
with in general so I have those referrals and suggestions for you should
you need them but in general you can shop around you should shop around for
your lenders and your lending companies and I mean they’re who’s gonna dictate
your APR your rates your terms of your loan things like that and again you need
to be able to trust them just like you should trust your real estate agent and
this is important and getting up being able to get in touch with them is I mean
sometimes can make the difference between getting the house and not
getting the house that you’re hoping to live in so
anyway didn’t mean to get super serious about that but it is it’s important it’s
probably I would say trusting your lender trusting your real estate agent
top two most important things of your buying and selling real estate so find
somebody you know and like and trust for both of those and you should be good
other than that that’s all I’ve got for now if you have any questions please let
me know I mean whether or not you’re gonna buy or sell in the near future
don’t worry about it I’m not gonna hound you I’m here for your for your help I’m
that’s what I’m here for so please let me know if I can answer any questions
and in the meantime I hope you have a wonderful wonderful day
enjoy this fall weather it’s gorgeous it’s finally here it’s making my
allergies crazy but yeah I’ll talk to you soon thanks for watching

One Comment

  • Great tips from an awesome Realtor!!

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