Lenders are packaging pre-approvals in many different ways today. Some are using rockets, colored buttons, fancy names and clever animation. We believe consumers are better off armed with more facts and less flash…after all, the real issue is, can you get financing to purchase a home? Here is our best advice.
A pre-approval should be offered at no cost with no obligation. If a lender has the opportunity to assist you with a pre-approval, they should be happy to provide that service and have the opportunity to earn your business.
A valid pre-approval must ALWAYS include accessing your credit report. Lenders who claim they can offer a valid pre-approval without accessing your credit are not offering you a valid pre-approval. They are only trying to generate leads. Find a new lender.
Your lender should be willing to spend time discussing your home purchase goals. Developing a plan and issuing a pre-approval go hand in hand. Your pre-approval should reflect the plan you have discussed with your loan officer.
Ask questions and expect your lender to give you clear and concise answers. If you feel like you’re getting the run around, it is time to find a new lender. Our Wisconsin Mortgage loan officers would love to assist you.