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Randy Vickers
Randy Vickers is the owner of Priority Mortgage Corp of Wichita, which opened in Jan. 1989, is the oldest locally owned mortgage company in Wichita. Randy has been in the real state business since 1983 and is a licensed real estate broker as well as a licensed mortgage broker. Priority Mortgage Corp of Wichita KS Lic #1996-0122. Randy can be reached at 316-721-7700
Real Estate
2005-10-01 14:59:00
Is mortgage approval necessary?
ANSWER: I get this question all the time, and the best answer includes the following information. A Buyer who has a pre-approval letter from a lender has a leg up on someone who doesn't have it. Here's why. At the time you find the right home, and decide to go ahead and write a contract on it, there could be other contracts coming in on that same home at the same time as yours. If the other buyers haven't taken the time to get pre-approved, and you have, the pre-approval letter can be presented to the Seller with your contract. Now, if a Seller has to choose between contracts with no buyer pre-approval letters, and yours with a pre-approval letter, with all other items of consideration being equal, which contract has the better chance of getting the nod from the Seller?  Also, the process of getting pre-approved for a mortgage loan is painless! No teeth are pulled, no forfeiture of first born children is involved, and it only takes about 30 minutes to get it done. Wouldn't you agree that if you have been pre-approved for a certain loan amount, it would be a lot more comfortable in your home search to know how much home you should be looking to buy? What price range, how much cash is required, and what will the payment be, can all be estimated ahead of time. And when you find that perfect home, you already know you will be able to get the loan to buy it? Doesn't that feel better? Knowing what price range of home you're able to be qualified to buy might just upgrade the neighborhood you're looking in. Lots of buyers find out through the pre-qualification process that they can be approved for a lot more home than they originally thought they could. Maybe you've had some hiccups in your payment history along the way… most folks have, so you're not alone in this. There are many ways to get your mortgage loan approved in today's lending world. In most cases, if your credit report has a few problems, those problems can be dealt with so that they don't prevent you from getting a loan to buy a home. It's just a matter of sitting down, analyzing the issues, and formulating your loan request to accommodate the situation. Don't let the unknowns keep you from getting into your own home. If you're renting, you're actually buying a home…but for someone else.  Your landlord loves it when you make the payments on his house. Consult a mortgage lender as soon as you can…as mentioned earlier, it's painless, and you might just find out that your fears about buying a home were unwarranted.  Typical items required for pre-approval include:  2 years federal taxes, recent paystub and recent banking statements.  More next month…
 
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