The Grass is Green in Minot....Spring is here! School is out in the next few days, and Oak Park was testing the new water park the other day. I expect it will be opening soon, and I have to tell you...I think the kids will love it!
Houses seem to be selling quickly, provided they are priced right and in decent condition.
Buyers are recognizing the need of getting credit approved before they start looking for a home, because those who can't prove they are approved are having their offers put aside and sellers taking an offer where the buyer is approved for a loan. Pre-qualification is not the same as pre-approval.
Pre-qualification says that if all the info you have given checks out, you can have X number of Dollars to buy a home.
Pre-Approval says, we have documented your info and ran a credit check and we are approving you for a loan for X number of Dollars.
I am not a lender, and I am not offering loans to anyone....Just giving you a little info that may be of help in the process of buying or selling a home.
All loans are not the same. All lenders are not the same. All costs are not the same. You are entitled to have what is called a Good Faith Estimate in fact it is required by law that you have it. It shows what your costs will be in getting a loan. If you go loan shopping, be sure to compare apples to apples, as they say.
If an appraisal costs $650 dollars with one lender, and $400. with another...then you have to ask...why?
Always ask questions...especially if the agent you are working with did not sit down with you and discuss your needs and wants and how the process works.
Have a great week!
Lloyd Ann
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