VIDEO – GETTING PREAPPROVED FOR A MORTGAGE
In this episode of the Real Estate Breakdown, Pey discusses why getting preapproved for a mortgage is your first step! In our market, 45% of all homes are getting multiple-offers you need to be prepared before you start looking. Getting a proper preapproval letter from a mortgage lender takes time. A good lender will ask for a lot of information up front – which is a good thing!
Avoid Internet lenders, like Quicken Loans, or something that will get you approved based on superficial details. A good listing agent will reject it. They never know when an Internet-lender will be available, or if they’re familiar with the local market, and where the appraisers are coming from. It’s always better to go with a reputable local lender and get that preapproval letter as soon as possible to, not only know what you can afford, but when you find the house you have to have, you’ll be ready to pounce and make a strong offer, with your preapproval letter and your EMD.
For more information on what an EMD is, click here.
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The transcript is below, if you have any questions please contact me. I’m always here to answer your questions!
All the best,
“Hey, guys. Pey Behin here. Subject today is the importance of getting preapproved.
Pey Behin, Keller Williams Real Estate – AI Realty Group. Today we are going to talk about the importance of getting preapproved for a mortgage. As we all know, the DC market is super competitive. Did you know that about 45% of all homes are getting multiple offers? Every other home could possibly escalate above asking price.
The best thing you can do is get your finances in order, talk to a lender, before you even start looking. You don’t want to find yourself at the open house of your dreams, realize that’s the one, and then start talking to a lender. It takes time to get preapproved for a mortgage, somebody’s going to swoop in, take the house from underneath you, “Oh, my god. What am I going to do?” Should have called the lender. When everybody else has already talked to a lender and is already preapproved, ready to submit the offer on your house.
The other thing you’ll know is knowing exactly what you can spend every month. You don’t want to start looking at houses up here, realize you can afford a house down here. Houses will never look the same to you. On the other hand, you might be able to afford this and then realize, “Hey, I spend $1,000 a month on wine. I’d like to spend this much on a house, I don’t want to go house poor. I like my wine.”
Start talking to your lender before you start looking at houses. Talk to your agent, talk to your friends, talk to your family. See who they use, see who they like. Once a lender pulls your credit, you have 30 days to talk to as many lenders as you like without getting another credit ding. That pre-approval is good for six months.
That’s my tip. This is Pey Behin, AI Realty Group. Find me on Facebook, Twitter, Snappychat, the Gram. Be happy to answer any of your questions.”
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