It used to be that buyers could go house shopping and when they found their dream home, they would then 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 two 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.

Before viewing homes in person you need to call a lender if you require a mortgage loan to purchase. Lenders are more than welcome to talk with you, but please call us to assist you with the home search once you have your pre-approved or qualification letter. If a lender ask if you have a Realtor please give them our name and contact information and they will fax (336-644-7779) or email to info@yourtriadrealestateagent.com with your approval your pre-approved or qualification letter and we will be set to begin ASAP. Please print this page and keep it in your documentation for quick reference.

If you do not have a lender here are a few we have had experience with. Please tell them where you found their contact information.

Darrell Boan - Countrywide - (336) 574-7082 - Darrell_Boan@Countrywide.Com

Mike Kirkpatrick - Granite Mortgage Inc - (336) 878-5562 - mkirkpatrick@granitemortgageinc.com

Matt Albert - Bank Of America - (336) 721-4141 - matthew.a.albert@bankofamerica.com

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.

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