Today we are going over How To Pick A Lender

#1 

Finding your Budget

One of the reasons why finding a lender first is one of the most important things is because a lender will be able to figure out what your budget is and how much you are willing to spend of that budget. 

If your pre-approved for 400,000 do you want to be house poor or do you want to be in a price range of like 350,000 and still have that buffer on your monthly budget. That way you don't run into trouble and if you get a flat tire you can’t even fix your tire.  When you reach out to the lender, they will let you know how much you can afford by running your credit, looking over your financial statements, looking over your W-2’s and things like that.

#2  

You want to pick a lender that you like. 

You're going to be talking to this lender a lot. It's almost like your Realtor.  You want to have a good relationship with them and if you don't hit it off right off the bat and they're short or they're just like real blah to you, then don't work with them because you're going to talk with them a bunch and you don't want to feel like you're pulling teeth out of them just to get any information.
Pick a lender that is open, talks a lot, that lets you know how they communicate, and how long it takes for them to get back to you. You also want them to get the paperwork and answers to you as quickly as possible. We have talked to lenders where it takes 2 or 3 days to get the paperwork back from them. Normally in the real estate industry we can not afford 2-3 day lag time.

#3

Get the paperwork back to the lender ASAP.

Normally they are going to ask you to fill out an application. You need to fill that out as fast as possible and then they're going to ask you for proof of income, your W-2’s, tax returns for the last two years,  your driver's license, and probably a couple other things just to verify that it's you.

Get that paperwork back to them ASAP and because the longer you stall on that, the longer it will take to get a pre-approval letter then the longer it will be before we can go look at houses.

#4

Have the Pre Approval letter ready to go.

Then we can go look at houses and the agent knows you are serious about buying a house. If we find one that you like and you want to write a contract we can send the letter to the sellers agent. Letting them know you are a serious buyer.

Marcus Allgood

JPAR Coast and County

My passion is to help and serve people to the highest standards possible. Shortly after my wife and I were married in 2011 we decided to move to the gulf coast. After living in Pensacola for 6 years, we decided to relocate to the Eastern Shore. We love everything the area has to offer. We have 2 beautiful girls, Harper and Eleanor. In 2013 I opened a fitness facility in Pensacola. I recently sold my gym to pursue my Realtor career. I picked real estate because I want to help people reach one of their dreams. For many people home ownership will be their biggest purchase and a dream come true. Serving and helping people is a very rewarding and fulfilling life journey and I cannot wait to help and serve you. Call me, I promise to call you back!

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