Thinking of making a new home purchase this year? The first step in the process should be getting a pre-approval letter. This can seem super easy by hopping online and applying on an online bank. While this works, it’s not what I recommend in our current market. With the offers getting more and more aggressive, it’s best to get pre-approved by a well-known and preferably local lender. Typically in a seller’s market like we are currently in, the lender’s name on the pre-approval makes a significant difference. When considering a lender, I suggest reaching out to several and find one you are comfortable with. While the interest rate is one of the most important components of selecting a lender, the second most important -in my opinion- is customer service. Having a lender who makes themselves readily available is incredibly important in this market. It could be the difference in your offer getting accepted or rejected. You may wonder how that’s possible? It could come down to needing verification if you’d qualify for a higher purchase price or knowing the current interest rate and how it comes into play. If this is on the weekend, you will want to make sure the lender is available outside of normal weekday hours. Spoiler alert- most won’t answer a call or text on the weekend. I’ve worked with some great local lenders who offer great rates and customer service. If you are starting the process and would like any recommendations, please reach out and I can connect you with these superior lenders.
