PRE-APPROVAL ADVANTAGES / WHY SMALL MORTGAGE COMPANIES BEAT THE BIG BOYS
Fact: As we noted in our “homebuyer alert,” about 90% of lenders and leading quote site lender partners like LendingTree & direct lenders like Quicken Loans, Mortgage Match, Wells Fargo are now asking for up to $600 upfront for a mortgage pre-approval or to begin a loan application. This is outrageous in our humble opinion, for details see “homebuyer alert” tab on the left of the header bar above. Fact: All our bank & lender partners offer free mortgage pre-approvals
4 Key Advantages of a Mortgage Pre-Approval
#1.) Piece of mind- The number of errors on credit reports is a real problem, but usually can be fixed if discovered early enough. Not to mention, new loan guidelines are challenging; but, many borrowers are surprised to find out they qualify for one of the many new streamline loan programs that are now available. #2.) Confidence in being 100% certain- A real bank / lender pre-approval is the only way to be 100% certain of what loan program & rate you can get! With our banks & lenders offering free pre-approvals, there is no need to guess! #3.) Speeds up the closing period- A real bank / lender pre-approval can cut down the closing from 30-days to about 10-14 days. This can be the difference between a seller taking one offer over another. #4.) Increase bargaining & negotiating power- Sellers want to usually sell as fast as possible. A strong mortgage pre-approval gives the buyer a huge bargaining and negotiating advantage.