Everything good you have to work for!

I really hesitated to write this, but I feel like so many people act like they are giving away houses. At the writing of this, they aren’t giving away homes and there aren’t enough to give away anyways! Assuming you aren’t paying cash and need a mortgage loan, you have to work for a preapproval, you have to present a good solid offer to the sellers, and you have to respond to the lender’s urgent requests for additional, current documentation to reach a final approval.

Why did I pick this crazy half balcony picture?

This picture well represents what happens when things are done halfway. I have worked at lenders who took a few notes and made a prequalification. Prequalification is like going to the car dealer and having them let you test drive and check out any car you want, with no preapproval, you have no assurance that it will be a vehicle you can actually afford or buy. Even if the salesperson says “it looks good,” you really can’t be sure until a lender looks at it and gives you an offer.

The same is true in mortgage lending, I have heard so many times that it’s simply not over until it’s over. The reason is not because the process is so difficult (although I am sure it probably is considered that way), it’s that so many things have to be verified that literally there are a hundred things going on in the background. That’s why it’s so important to line up all your documents first from a lender that gives a real preapproval based on multiple options available (start here) and that makes your process later even easier. It takes work, but like everything in life, it’s worth it!