Thursday, August 16, 2012

Why is being preapproved such an important thing

Why is being preapproved such an important thing when I'm looking to buy a house?  I get asked that by potential buyers and I have actually several answers.

Fifth Third Bank BuildingFor Starters, sellers will NOT take you seriously if you are not at least pre-approved by a lender.  The market is an ever changing beast and we often find ourselves in situations where the inventory of available homes is small in comparison to the number of buyers looking to purchase.  (Supply & Demand)!  You end up with several buyers all looking to buy the same house and the buyer capable of paying the most money in that situation...wins.  Wouldn't it be great to know just how much you could afford to go in on a house like that...and come out the winner?

That brings me to the point even prior to finding that home.  Talking to a loan officer will help identify any potential credit issues you may have, and will allow you to lay out a plan to address those issue before you get out into the market.  Again, its all about your image and how sellers...and lenders see you.  Having that discussion with a loan officer ahead of your search can help put you in a stronger position when you find that dream house!

When looking to buy a house in Cincinnati, Ohio its important to find an agent that is want to be able to get your hands on them should something happen in the process.  Trust me!  It's a complicated process with lots of moving parts...there are bound to be some bumps in the road.  Having a loan officer that you can sit across from and talk face-to-face can help overcome those bumps much more succinctly.  That helps keep everyone on board, and your closing on time!
If you are looking for some recommendations for loan officers in the Cincinnati area, I have a couple for you:

Ronda Segelke with Fifth Third Mortgage


Kathy Lamb with Union National Mortgage Company

Both are local, and outstanding.  Not all loan officers are created the same, you know.  Many loan officers are simply good at selling you the loan - these two know the process.  So if there is a problem with an underwriter, they understand the issue and can get right on it, because they know the Whole Process.  And trust me that is someone you want on your side!

Chris W.
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