Via Oregon - May/June 2021 - 18

that the listing agent recognizes, " she says. From that list,
call three to five-preferably
on the same day, to make
them easier to compare-and
ask about their rates, fees,
closing costs, and how long it
generally takes to close a loan.
Apply to get prequalified
with at least two of the lenders
you vet. Rates change constantly, and you can't lock in a
rate until you have a purchase
contract signed by both parties. If rates rise before you
lock, you might qualify for a
smaller loan than the figure
stated in the preapproval. But
if you have multiple preapprovals, you can haggle lender
to lender over rates and fees,
says Denny Ceizyk, senior
mortgage writer for Lending
Tree, which generates sales
leads for lenders.
When you're ready to make
an offer, discuss with your real
estate agent what the preapproval letter should say. Many
recommend having the lender
write that you are preapproved

for a certain amount, with
a certain amount down,
that adds up to your bid on
that property-even if you
have been preapproved for
more, Lepre says. Other
agents might recommend
showing the maximum
amount you could borrow to
look like a stronger bidder.
Once you and the seller
have a signed contract, your
preapproval will become a
formal loan application with
the lender you choose, says
Lepre. To finalize the loan, you
will need to get the property
appraised and work with the
lender to finalize the total
amount you will be borrowing. The lender will provide
documents, as required by
law, stating the cost and
terms of the loan. You will be
able to lock in a rate for a certain number of days. If all
goes well with the appraisal
and inspections, you'll sign a
huge pile of papers and get
the keys to your new home.
- K AT H L E E N

PENDER

DEAN DROBOT / SHUTTERSTOCK

SMART LIFE


http://visit-ketchikan.com

Via Oregon - May/June 2021

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Via Oregon - May/June 2021 - Cover1
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Via Oregon - May/June 2021 - 1
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