Real Estate Broker/Owner with got agent? MD 636504

Contrary to what some buyers think, it's not calling your agent to see a home.  It's calling a lender to find out how much you qualify for and then ask the lender to pre-approve you.  Pre-approved means that not only have you spoken to a lender, but you've also completed a loan application, sent paycheck stubs, tax returns, bank statements, etc. to the lender.  You may not need to send all of this documentation, depending on the bank/lender, but for the most part, the lender will want to see some verification of your finances.  He/she will also run all of your information through software called Desktop Underwriting and within a day or two, you'll have a pre-approval letter.  Now, you're ready to get out there with your agent and begin looking at homes.


Incidentally, more and more sellers are requiring that the buyer's agent send the seller's agent a copy of the pre-approval letter before a tour is even scheduled. So, don't wait on this very important first step.  For years now, I've recommended that my buyers in the DC Metro area contact Bill Rozek with Embrace Home Loans at 301-325-6399 or https://www.embracehomeloans.com/location/maryland/rockville/bill-rozek.  He's very responsive and gets the job done each and every time.

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Comments (4)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good Morning Jamie and a great blog for first time buyers that need help in knowing what to do first.


Feb 11, 2021 08:51 AM
Jamie Flournoy

Thanks!  Can't tell you how many times I've had to let the buyer know that they have to be pre-approved before anything else.

Apr 07, 2021 01:22 PM
Jamie Flournoy
got agent? - New Market, MD
The Realtor on Your Side

I'm still surprised today when I talk to first time buyers how they have no understanding of the home buying process.  Many of them don't realize that they not only need money for the down payment, but also for closing costs.  And it really doesn't help when lenders tell them not to worry about closing costs because the seller will cover them!  Hmmmm...I see another blog post coming!

Feb 13, 2021 01:00 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Thanks for breaking this down so concisely in a way that most people don’t see every day. AR is pretty good at that and so are you! :)

Feb 13, 2021 01:54 PM
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Good info.....thanks for sharing and have a wonderful Sunday!

Apr 04, 2021 07:42 AM

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