Your Chico CA Loan Application- It’s Not THAT Hard!
January 5th, 2008categories: Busy Girls Guide, Chico Buyers, Chico Financing
I haven’t quite figured out the rationale, but the prospect of getting prequalified or preapproved is often an intimidating process for a Chico Buyer.
For some reason, folks will often avoid it as long as possible, and build it up in their minds to be some horrible, awful procedure. I find myself listening to every imaginable excuse, and smiling, because I know that a mountain is being made of a molehill. It’s kind of like trying to convince your kids that if they would just put the broccoli in their mouth, they will get it over with, and can then move on to the ice cream!
- First off, a buyer does not have to go to the hassle of making an appointment. No need to get dressed, leave the house, and make your way to a stuffy, intimidating office with some guy in a 3 piece suit! In this age of convenience, many lenders will accommodate your request for prequalification by phone, fax or email. In the span of a short phone call, the lender can get the basic information he needs from you to start the process.
- Second, just because you talk to a lender to get prequalified, it doesn’t mean you’re married for life! You may decide, after your initial phone call, that you don’t like the way the lender chews gum in your ear. You might also decide, after talking to your best friend, that the lender isn’t very reputable. Fine. NEXT!
- Third, finding a great Lender shouldn’t be difficult. It should be fairly easy considering you have an excellent resource for a referral in your Chico Realtor. Consider, for a moment, that you’ve already done the work to find a top producing, highly recommended, ethical Realtor that you can actually talk to. Doesn’t it stand to reason, that the Realtor, given the choice, will choose to recommend another professional that will the get the job done efficiently and effectively, thereby ensuring a happy buyer? (In case you’re wondering, there is no $ passed between the lender and the Realtor. The payoff to a referral, is a job well done for the client).
Need a recommendation for a good Chico Lender? Call me.
Related articles:
What is the Difference between Prequalification and Preapproval?
Why Should I Get Preapproved for a Chico, CA Home?
Lenders beware: How to lose a Chico, CA Realtor (and therefore buyer) in 3 days.
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That is a good post that many buyers need to read. Getting the right lender is the key. That is why consulting a good real estate agent for references is so important. I’m sure you have references for great Chico lenders, as I do for my market. We just have to show the real estate buyers that it’s not that bad. Even with the subprime mess, I still had a client get a nice loan and she had a bankruptcy on her record within the past 5 years.
Sandi,
The Chico, CA. buyers are fortunate to have a great Real Estate Agent to help them through the perceived notion that the loan application process is indeed difficult. Great artilce explaining that it isn’t as tough as it may seem!
Chad
Sandi- Most people avoid what makes them uncomfortable. But getting pre-approved is so important. Most people will head to the interest first and get this “great rate.” I think it’s our job to help them understand what they are getting or not getting when they buy a mortgage. Most people don’t understand what a mortgage is.
As people in the business- we deal with this everyday- so it’s great realtors like you who educate their clients so they are no longer uncomfortable.
Sandi,
I agree with Mary. The agents job is to explain and help the buyer understand the loan process and get them the best rate.
Tom
http://groups.google.com/group/real-estate-web-design?hl=en
Excellent advice to any buyer…Chico or Charlotte! The more they know the less they’ll fear it. Terry McDonald
You’re right to emphasize that the first step is pretty painless. Call ‘em before you go in. Then you don’t have to go over all of the sensitive #s face to face. It makes the mortgage approval process a lot better.
Most buyers don’t understand the process is fairly painless and the intial work can be taken care of from their favorite chair at home.
Sandi, Great article! So many buyers are pertrified of the loan process. Lender want to make you the loan, not criticize you. You’re providing a valuable service not only to your local community, but to all that read your blog.
Sandi, Well said. Our natural inclination is to keep financial information private, whether it’s the lender, accountant, or for whomever we have to open the books. It’s also like getting a check-up…who wants to be vulnerable if we don’t have to? If the buyer feels there is something to hide it’s more difficult to encourage them to take the step of contacting a lender. If the Realtor they work with and trust has recommended a loan consultant, they can feel better that the experience will be professional and expedient. Professional includes - no judgment, no referral fees, good communication and education. They will help our client reach their goal. Period.