Uncategorized

Behind the Scenes of the Pre-Approval

What can you, the Lake Tahoe buyer, do to have your pre-approval stand out from the rest of your competition?  Not only is standing out important enough to take your pre-approval process to the highest level, but it will also give you a peace of mind that is priceless…especially with even tighter lending standards coming our way.

The pre-approval process for buyers typically requires a quick online application and perhaps a phone conversation with a mortgage broker to discuss your goals.  The outcome of this 20-minute process is a basic verbal pre-qualification letter, that suggests that approval is subject to buyer coughing up volumes of documentation at a later date, further into the process…….once the offer is accepted in other words.
 
If you are anxious (and who isn’t) to get into your Tahoe vacation property, taking this pre-approval process to the next level is a smart endeavor. Why not provide tax returns, bank statements, down payment source, verification of employment and more BEFORE you find the right Tahoe Getaway? Why add this to your lengthy task list during an escrow, which has another 20+ pertinent tasks to address relating solely to the property transfer?  An extremely diligent lender will even verify that your provided tax returns match the IRS records through a 4506T form in advance, something that every single lender requires before funding a loan.  With additional government shut downs looming, this sure seems like a smart idea.  I can tell you with certainty that a seller will be far more impressed with a documented pre-approval letter that lists in detail all of the documentation/underwriting that have already taken place.  It looks good. Really good.  And you, the buyer, have most of the work out of the way so that you may focus on the home inspections and disclosures without having to dig for paperwork that holds up the underwriting process.

Another integral piece of insuring a seamless transaction would be making sure your chosen lender has access to and uses local North Lake Tahoe appraisers.   This can also make or break the loan approval, so TMRRE’s experienced agents always contact and work with lenders to make sure there will not be a problem.  In fact, working directly with your lender is our pleasure, and makes the transaction more pleasant and smooth for you. 

TMRRE’s sales team met with local mortgage brokers Rice Conway Team Mortgage Consulting this week.  I found it to be a very informative “behind the scenes” look at what this experienced brokerage can do for our buyers in a competitive and tightening market, including all of the above mentioned and more.  Rice/Conway is an affiliate of W.J. Bradley Mortgage Capital LLC, a privately held independent mortgage lending firm founded in 2002. Being backed by such a powerful capital group, these mortgage brokers can demonstrate incredible turnarounds and rates, all while keeping our mutual clients best interest at heart. 

With a little extra effort before touring North Lake Tahoe properties, you can enjoy looking for your Tahoe dream home and experience a smoother transition throughout the entire process.  It might also be the deciding factor for your offer being accepted by the seller!