Preapproval Advantage
Ever wish you could just pay cash for a home?
You virtually CAN if you get PRE-APPROVED for a mortgage, before you find a home.
When searching for your mortgage lender, ask if they will issue a “PRE-APPROVAL” letter which only requires that they appraise the home you find later in order to verify its value. If they will issue such a letter with no other requirements except the appraisal, you have just become a PRE-APPROVED CASH Buyer!
Your cost to be PRE-APPROVED is approximately $60.00 for a complete credit report. The advantages of PRE-APPROVAL include:
- Your purchase offer is taken much more seriously by a Seller. Often, this allows you to buy a home for a lesser price than if you “hope to get a loan.”
- You will know exactly how much you can afford and avoid wasting time and effort looking at homes you can’t afford. You’ll also avoid the frustration and embarrassment of finding a home you want, only to find out you can’t afford it.
- You have more time to work out any financing problems you might have. Examples include credit blemishes that are incorrect, family and friend financing assistance, and restructuring your current debts.
- Your purchase time is reduced by approximately 3-4 weeks because you won’t have to wait on loan approval.
- You can lock in your interest rate sooner in the buying process if you expect rates to rise soon.
There are many good lenders. There are others, unfortunately, that should be avoided.
Below is a partial listing of good lenders, in alphabetical order, with reasonable closing costs and competitive interest rates. We are not compensated, nor are we associated with any of the following lenders. We simply know that some of our clients have had good experiences with these lenders.
Ameriana Bank 317-462-4463
Mortgage Plan-- Bill Austin 317-752-0408
Greenfield Banking Company-- Ron Ward 317-462-1431
First Horizon--Mark Lewin 317-895-5770
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Republic Bank-- Bill Snodgrass 317-891-0850
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Star Financial-Teri Dunlavy 317-462-7084