Pre-Approval - reaching YOUR goals!  

It also helps your REALTOR to keep the process smooth and less stressful.  However it requires just a few minutes and a bit of effort on your part, regardless of what an advertisement says...  see the video for a quick rant about misleading ads!  We don't do mortgages, but we know the right information is critical.

You may notice I'm a bit passionate about this subject and so is our team, BECAUSE you deserve better!  What do I mean by that?  As REALTORs it is a disservice to you if we go show you homes, let you fall in love with one THEN cause you to miss out on it...  and this can happen for a number of reasons, here are just 2.   

First in AZ if you don't have the pre-qualification form (specific to Arizona) we can't submit an offer because it is required in the purchase contract.  So, in this competitive market homes sell quickly, if it takes another day to get pre-qualified, then that house may be gone before you get a chance to make the offer.  

The Drew Team Reaching YOUR Goals

Second, you may have a good grasp of your financial situation, but credit scores for a mortgage are different than for other purchases.  For numerous reasons, you may qualify for slightly less than you thought.  Example:  your online research leads you to believe you would qualify for a home at $325,000.   You fall in love with a home listed at $315,000.  Seems great, fits all your needs and under EXPECTED budgetHowever when you talk to a lender and provide the documentation - you qualify for $305,000.   Small difference, BUT homes sell at 99%+ of list price, you could not make a competitive offer. NOW, you must start shopping for homes again but it all looks/feels different

What you saw               what you see

Often times none of the homes in your price range match the home you previously saw.  By shopping homes before you were pre-approved it put you in a tough spot...   you likely would have been happy with a $300.000 home...  but you fell in love with a home out of your budget, now it feels like nothing in budget compares - very frustrating.

At The Drew Team we know helping you avoid the situations above are critical to helping you find the right home at a great price in which you will be happy for years to come!

 

BONUS point!  Most national, big bank and online lenders don't participate in LOCAL Down Payment Assistance or First Time Buyer Programs  CLICK HERE to See Why It Matters!

The Drew Team sharing about 1st Time Home Buyer & Down Payment Assistance Programs

 Here is a good visual for what the actual process looks like and why "click, to get" isn't really honest...  but a good lender can do this with a quick call or online application and bit of documentation from you very quickly.

Process of getting a mortgage - The Drew Team

Want a more humorous look at the issue of pre-approval check THIS out! 

Lighter Side of Pre Approval