http://www.chicagometroarearealestate.com/pick-your-real-estate-professionals-carefully/ by Downtown Chicago Realtor, Fran Bailey & Lakeview - Lincoln Park Realtor, Mary Kaye Buettgen Sun, 05 Feb 2012 12:49:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.chicagometroarearealestate.com/pick-your-real-estate-professionals-carefully/comment-page-1/#comment-10 Diane Scholten Thu, 09 Feb 2006 18:19:05 +0000 http://www.chicagometroarearealestate.com/?p=39#comment-10 Buyers often don't know the difference between "pre-qualified" and "Pre-approval." However, realtors and mortgage brokers certainly do! The real estate professionals with whom you deal ought to be able to steer you clear to what is really needed (pre-approval) and do the necessary steps to get you there. If you haven't been asked for your social security number (with which to pull credit) or documentation (income, asset verification) you're not being given a TRUE pre-approval, and, as Fran notes, you're being misled. Pre-approvals are serious and require input from you. Because of that they have worth - essentially, you have given the mortgage officer enough information for her to be able to pre-approve you based on lenders guidelines. This gives you an advantage in negotiating for property. AND it gives you a head start on the mortgage process - the paperwork you submit for pre-approval is some of what will be needed for underwriting the loan. So it's to your advantage, doubly, to get a REAL pre-approval. Buyers often don’t know the difference between “pre-qualified” and “Pre-approval.” However, realtors and mortgage brokers certainly do! The real estate professionals with whom you deal ought to be able to steer you clear to what is really needed (pre-approval) and do the necessary steps to get you there. If you haven’t been asked for your social security number (with which to pull credit) or documentation (income, asset verification) you’re not being given a TRUE pre-approval, and, as Fran notes, you’re being misled. Pre-approvals are serious and require input from you. Because of that they have worth – essentially, you have given the mortgage officer enough information for her to be able to pre-approve you based on lenders guidelines. This gives you an advantage in negotiating for property. AND it gives you a head start on the mortgage process – the paperwork you submit for pre-approval is some of what will be needed for underwriting the loan. So it’s to your advantage, doubly, to get a REAL pre-approval.

]]> http://www.chicagometroarearealestate.com/pick-your-real-estate-professionals-carefully/comment-page-1/#comment-6 Hubert Miles Sun, 05 Feb 2006 18:54:08 +0000 http://www.chicagometroarearealestate.com/?p=39#comment-6 Great article. Many shoppers take what they are told as truth without seeking a second opinion. We have a group of <a href="http://www.financenewstoday.com/calculators/" rel="nofollow">real esate and mortgage calculators</a> that may help determining pre-qualification of a mortgage. Great article. Many shoppers take what they are told as truth without seeking a second opinion. We have a group of real esate and mortgage calculators that may help determining pre-qualification of a mortgage.

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