Why is obtaining a pre-approval imperative to your Charlotte home purchase?

I was recently chatting with a fellow agent who had a deal fall through after the buyers had proudly handed over a pre-approval from an unknown online mortgage service, only to find at the end of their Due Diligence period, that they were not ‘qualified’ to purchase a home–not this home, ANY home.

The buyers, of course, were embarrassed and felt terrible that they had caused the sellers the emotional roller coaster ride that they had but, they also lost money and a significant amount of time in this process.

Another agent recently shared that they had lost a deal because the lender who the buyer used promised the moon and then couldn’t deliver in the end. The sad ending, however, had extreme consequences–this agent’s sellers wound up losing their home to foreclosure.

It has almost become epidemic–buyers want to get the ‘best’ loan rates and low cost deals but, is what is published online REALLY what you get? I can assure you that the ‘too good to be true’ rule applies here! Lenders are a highly competitive bunch and some will go to extremes, just to land your business.

When these lenders can’t perform what does this mean?

Angry sellers who have taken their homes off of the market while buyers work to get their mortgages completed when this should have been the FIRST thing that the buyers addressed.
Buyers who lose Due Diligence money and some, even their Escrow Money Deposit. In an attempt to ‘save’ a few dollars, these buyers wind up losing in the end.
Buyers and their agents who have spent countless hours in search of the perfect home, only to realize that they can’t even afford to BUY right now or they qualify for less than they had hoped…and OFFERED on!

…and the lenders walk away unscathed–this puffery has cost them nothing with the exception of maybe a little bit of time!

The solution:

TRUST your Charlotte real estate agent! We work with buyers and sellers on a DAILY basis and KNOW who the reputable lenders are. ANY of us would gladly give you a list of lenders who can and will get the job done for you. These lenders CLOSE on time and they don’t tell you that you can afford something that you cannot. Nor, do they string you along through a complicated process, costing you time and money in the long run when they realize that you can’t complete the home buying process.

A QUALIFIED Charlotte lender can…

Give you a quick answer, subject to a full loan application
Find you the best rates possible
When it comes time to make full application for the mortgage loan, they can tell you within 5-7 days whether or not your loan will be approved.
Close the deal and close it ON TIME.
Typically be within 1% of their Good Faith Estimate–without fail!

I must say that I’ve had recent experience with buyers who use lenders with whom I am not familiar. Some are good; some are absolutely horrible but, even the good ones have failed each and every time to CLOSE on time. Do you really want to take a chance on walking away from thousands of dollars and countless hours of working on a transaction, only to find that you don’t qualify or that your lender can’t get you to the Closing table when promised?

That 10-minute phone call to a trusted lender can make a world of difference in how the coming weeks are going to play out for you. I strongly encourage you to use a lender who your real estate agent KNOWS can get the job done!

If you’d like our list of highly qualified lenders, please don’t hesitate to ask! We are confident that any of the lenders with whom we’ve worked over the years CAN and WILL get you through the home buying process–without complications!