Tips for home buyer – How to select a lender Buyer and Seller Education Episode # 002
Hello guys, it’s Maya Minic, Revelation Real Estate, I hope you have a good day. And today, as I talk every Friday, I’ll be coming here with some new tips and some current real estate market trends or whatever I think that’s important for you to know. So as we talked last time about how to find the right realtor is the first step, the second step will be how to select the right lender.
And just getting the pre-qual letter from the lender is crucial and very important. And we’ll go over that in a little more detail. First let’s go back to selecting the right lender, so as I said, I work with really professionals, one of the best lenders in the industry. So, in my company we also have a communication guarantee, so at least once a week, so that’s what I expect from the lender. That’s a minimum but I definitely communicate more with lenders than that, so I really prefer to work with, as I said, professionals who have great commination skills and who will get back to me as soon as possible.
So if you decide to go with your own lender, just do a little research and be sure that’s the right person, because it can be very stressful during the transaction and actually, usually close to the end. So we don’t want that extra stress. I don’t want that extra stress guys, so trust me on that. So why we need lenders, so a lender will give you a pre-qual letter that will show you how much you can afford. Simple and easy, but it’s really helpful so we can know what price range to look and just generally so we don’t go find your dream home and then, you know, you can’t afford it, which is really not cool. And also having the pre-qual letter will give you the knowledge power and just confidence, you know, on how much you can afford and what of course will be your budget and monthly payments and then when we send in offers, I have to have a pre-qual.
Actually if you decide to work with me, I honestly like to have that pre-qual letter before we even start searching and before I start showing you homes. So, that just helps me see where are you and what stage you are and as I said, how much you can afford. And of course, there’s always some exceptions so I’m not like, nothing gets said, so I usually will show you a couple homes and then we’ll talk about that and then I can refer you to some great lenders as well. But what is important that if you send an offer without a pre-qual letter, which you can’t do it actually, but you know, if you send offer and then you need the lender to get a pre-qual letter, it takes time and real estate at times essence, so we have to be fast to be able to get that home, especially in the market, in the lower end market.
And the other thing, since interest rates are still really great, I mean, historical looking, so don’t wait to go down more because that’s, I don’t think that’s gonna happen. So, as I said, use this good interest rate and let me know if you would like to go and start the process with the lender. I’ll be happy to refer you to one. So even better, will be if you get pre-approved which means you get all docs needed and you know, that’s gonna just get you in even better position. So, let’s go back to preapproval letter, pre-qual letter. It kind of shows you that you are as good almost as a cash buyer. The only thing is a difference that if you’re cash we will have maybe one contingency like a home inspection but with a loan we have multiple contingencies, appraisal, so I’ll talk about contingencies some other episode. This is episode two, so we are doing just some basics.
And as I said, we’ll talk in more detail about everything, so don’t worry, or if you have any questions, you can always message me and I will be happy to go over with you. I’ll help you also, achieve your goals and so you don’t dream about your dream home and we can definitely help you to get in that home as soon as possible, but it’s really crucial to start the process earlier so we can help you with the credit, we can just guide you through, so you can be ready, you can get the best deal regarding interest rate and other terms. So, let me know, I’ll be happy to sit and talk. Also, we have this buying and selling guide.
It’s from Magnus Title, thanks Nicole. They’re wonderful really and here you have all information about, like, how to buy and sell a home in Arizona. I can send you this e-book version and also I’m here to be your guide. Please, you know, feel free to contact me for any questions you have. I think that will be it for today. I hope I didn’t forget anything. But, we have definitely more time to talk about more interesting things. So yeah, just one more time, interest rates are still good so don’t wait and let me know if I can help you find your home.
Thank you.
