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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.

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Contact Information

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Mary King, BA,CBR,GREEN
Associate Broker

TOP PRODUCER 2009
Phone: 518.965.0600 or 518-622-9358

 

Email: properties4u@yahoo.com

Testimonials

Mary, I want to thank you for your professionalism and handling of the sale of my home at 50 Mill Street. I don't believe that the closing date would have been met if it wasn't for your conscientious involvement in the requirements needed for closing. You are definitely the best agent I have dealt with in all my years of buying and selling real estate. Very Truly Roger Mulley Roger Mulley
" I would recommend using Mary King for all of your real estate needs..... Mary was able to sell my home securing the best possible price in a tough market. After this, she was able to find us a new home that met all of our expectations. She was trustworthy, fast and efficient with both of my real estate transactions and will gladly use her again in the future” . Donna Baeckmann.
After six months of stagnant activity with another realtor, I contracted Mary King to market my property, a house on 44 acres, in Greene County NY. Within a short period of time, using all resources available to her, Mary found a buyer and arranged for a selling price of a few thousand dollars more than I expected. After the closing in New York, Mary contacted an agent in the area where I intended to relocate and supplied her with my requirements which considerably lessened the stress of the transition. I commend Mary King for her diligence, her experience, and her high level of professionalism" Maureen Hanson
“There’s Something About Mary…” It was a pleasure to work with Mary King. Patient, fun, energetic and professional, Mary has a skill for helping to determine the “need to haves” vs “nice to haves”. Her primary concern is that she matches the client with the right home, and is very comfortable telling the client when to walk away. Her experience in showing homes and expressing her opinions of, in her words, “the good, the bad, and the ugly” make you feel comfortable that she has your best interests at heart. After celebrating our first Thanksgiving with our family in our new home, we are truly blessed to have come across a wonderful agent and more importantly, a caring friend. Thanks for everything Mary! Bridget and Scott Berlin
Mary sold our house in two weeks and found us another house in two months! I was very hard and demanding on her, what I wanted in our new house and the price I would pay. Mary was a real trooper, she worked so well with us and spent a good amount of time looking for the house we call home today. So the bottom line is,if you want someone to go the extra mile for you, that extra degree of customer service, then I suggest you look at what Mary King and Coldwell Banker can do for you. You will get straight answers and a work ethic , second to none.........” Kurt S.Hasson and Luz Devereaux
Helping us find a house, Mary King put up with a lot of "flexibility"(change of mind)from us. She made herself available and saw us through the whole process, keeping us focused. She is very knowledgable about the area and showed us properties we thought we may not like, but in the end did like. We would definitely recommend Mary for anyone looking for a home. Mark Haugli
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