Getting a Legitimate Lender and Getting Pre-Approved
It used to be that buyers could go house shopping and when they have found their dream home, then they go to get pre-approved. However, in today’s market, that has proven to be one of the least effective methods in landing the dream home.
Most lenders can pre-qualify you for a mortgage over the phone. Based on general questions about your income, debt, assets, and credit history, lenders can estimate how much mortgage you qualify for. However, being pre-qualified and pre-approved are different things. Pre-approval means that you have applied for a mortgage; you have filled out the mortgage application, received your credit report, and verified your employment, assets, etc. When you are pre-approved, you know exactly what the maximum loan amount will be.
A pre-qualified letter is not verified and in essence, does not count for much if you are competing with other buyers who are pre-approved. When you are pre-approved, you and the seller know exactly how much house you can afford. It gives you credibility as an interested buyer and lets the seller know immediately that you will qualify for a loan to buy their property.
In addition to being pre-approved, it’s important to be pre-approved with a legitimate lender. Legitimate lenders include: banks, mortgage bankers, credit unions, savings and loan associations, mortgage brokers, and online lenders.
Some lenders to avoid: those who lose a form or misplace a file, those who gather information from you in an unorganized manner, those who are not informed about interest rates, points or costs, and those who cannot provide you with the right information.
We have had a working relationship with George Kammerer for over two years. We first met him when he showed us a rental property. He was immediately warm and welcoming, and the experience was like we were being shown around by a friend. Over the next 2 years he continued to help us as we looked into transitioning from renters to homeowners. He was always quick to answer any questions we had, show us properties, and educate us on the next steps to take and refer us to reputable companies. He always went above and beyond for us even when he wasn't getting anything in return, and we are so thankful and grateful that he helped educate us and send us to the right people. We ultimately purchased the same rental property that he showed us 2 years ago, and we wouldn't have gotten there without his help, guidance, and expertise! George is friendly and knowledgeable without being pushy or condescending. He knows the area well and will go above and beyond to help you find what you are looking for. I would work with him again and 100% recommend using him for your home buying needs!Joel & Jessica Bowman
If you are moving locally or from out of state, do yourself the biggest favor ever and engage the services of George Kammerer. George's knowledge of the area is unsurpassed, and guided us to an area that we described we were interested in living and suited our specific needs. Since we were moving from out of state, the timing was critical that we could coordinate our time and George's to the maximum. He also is remarkably quick to respond to any email or text that you submit. He is the first realtor [we've used] that truly wants his clients to be happy! He asks questions that are relevant to finding the house that you expect to find within the price range that you specify....George does not "push" nor does he "fast talk" you into making a hasty decision. He is a very patient man and has a background that can assist you in answering questions you may have while reviewing a home. I believe my husband and I are "sort of picky" and we would rate George a 5+ in every area shown above.Ruth VonDreau
We worked with George in selling our home (which was a great experience), so having him help us buy our next home was a no-brainer. He was always available to us, and would hunt down information we felt important in the listings we were viewing. His expertise in the area, especially Chattanooga, was very helpful and allowed us to finally choose a home for our family. We would highly recommend his services.Ralph & Jennifer Hairsine
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