Pre-Approval

Why get Pre-Approved for a Mortgage?

 

Getting pre-approved for a mortgage is the first step to becoming a home owner. The process of getting a pre-approval is quick, painless, and will save you time and headaches when you begin your home search. A solid reputable mortgage loan officer will be able to consult with you and make sure that your house payment is in line with your financial priorities. The last thing that you want when purchasing your first home or any home is to have a payment that is more than you can really afford. There is a big difference many times in what you can afford and the amount that you can qualify for. A good loan originator will be able to help you decide what is comfortable and appropriate for your income.

Another reason to get pre-approved is to save you time in your home search. When you start the home search there is no need to begin by looking at homes that you cannot afford. The pre-approval allows you to start your home search in the correct price range. Once you are pre-approved, you will know exactly how much your closing costs, down payment and monthly payment will be. You will also know exactly what sales price you can look at. This saves valuable time during your home search and prepares you to make an offer on a home.

Finally, having a pre-approval will save you frustration and headaches. Many times when making an offer on a home, there are multiple competing offers. If you already have a pre-approval, you will not lose out an a home because you have to wait on your pre-approval before your offer can be submitted. The seller will likely place a higher priority on offers that have a pre-approval than those that do not. It is best to be fully prepared when making your offer so that your offer will be seriously considered. Many buyers who start searching for homes without being pre-approved also experience the frustration of falling in love with a home only to find later that it is out of their price range. When this happens, may times it is very hard to find another home that “measures up” to the home they fell in love with. No one wants what should be a very fun, exciting and reward time to be full of hassles and frustration. The Abram Team always recommends that buyers be pre-approved before beginning their home search so that we can help you find the home of your dreams with as few hassles as possible.

Keep in mind that not all mortgage lenders and banks are created equal. The Abram Team has developed good relationships with mortgage lenders that are local, and employ the same consultative approach that our team does. We believe it important that your lender understands your situation and your goals so that you can make an informed decision that makes sense for you. We have put together a list of lenders that our clients have had good results with. During your buyer consultation, your buyer specialist will be able to get a good idea of what loan program will likely work for you. They can then direct you to the lenders that have that loan program available. You may also get in touch with any of these lenders to find out what programs they offer and which would be the best fit for your situation. If you need to know more about the home buying process, contact The Abram Team today. We would be happy to schedule a no obligation consultation. You can reach one of our buyer specialists at 785-371-4488.

Here is our list of recommended mortgage companies:

Mortgage CompanyName Phone Email
Fairway MortgageDiane Fry785-842-2443dianef@fairwaymc.com
Truity Credit UnionGeoff Strole785-749-6804geoff.strole@truitycu.org
Landmark BankBrian McFall785-841-7152bmcfall@banklandmark.com
Capital FerderalMark Hernandez785-749-9053mhernandez@capfed.com
Mid America BankSteve Layton785-594-2100slayton@mid-americabank.com
Fidelity Bank Scott Braden785-856-3001sbraden@fidelitybank.com