According to 2021 Zillow report, more renters say they considered buying. Specifically, more than half (56%) say they considered purchasing when they were looking for a home to rent. They say real estate purchasing starts with real estate agent. True, but often agents would ask for a pre-approval letter before they even begin any search. So, the real estate purchasing process begins with the pre-approval letter. Moreover, American Dream also may end at the pre-approval stage. Mortgage Broker is the actual professional who will or will not make it all happen.
As a Real Estate Broker, I have experienced variety of scenarios: both good and bad. I have seen falling contracts due to financing. I even was a victim of incompetent professionals myself several times. My first real estate purchase failed as my loan was rejected. Yes, after two months of struggles, they just issued a letter of denial. I remember us already staying in the hotel waiting for the closing while all our belongings were in the storage. What exactly did not work, I still don’t know. However, I assume that I was not qualified at the very beginning. Instead of rejecting me they have issued a pre-approval letter, filled me in with hope, and allowed me to go under contract. As a result, I lost time, money, and faith. Now I understand why I lost. These incompetent people were negligent at the pre-approval level. Indeed, they have nothing to lose. They don’t lose inspection fees, application fee, and appraisal fees. As a result, they take chances. They will give buyers a pre-approval letter, and later, only after the offer is signed, they may start their work. Also, I remember how I applied for a pre-approval years later, but they said that I am not qualified for a home loan. However, after I submitted my file with another lender, I was able to close on the house without any issues. Finally, once I had a Lender who failed to meet the deadlines and I was so close to lose the purchasing opportunity period. I will not provide the names of the Lenders, but I can say they were big and well-known companies. Unfortunately, on my way they were often lazy, and I was just a number for them.
What I have learned from this is that good Lender is everything! As a borrower, you need a partner who you can trust. A lender who can see the entire picture, all possible opportunities, or solutions. It requires a serious expertise. This is something that once can’t determine instantly. Therefore, do your homework! Start your research now if you are thinking of purchasing your fist home. Remember to:
- Interview the lenders.
- Ask about their success and failure ratio.
- Ask to provide references.
- Study their social media profile and reviews!
- Inquire about their average loan processing time?
- Most importantly, understand how the underwriting process will be handled.
Today, my choice is clear. I work with CMG Financial. Specifically, with Volodymyr Ivashko (vlad_cmgfinancial). Not only Vlad is closing the deals for real estate purchases, but he also saves them! He is literally rescue genius when it comes to real estate financing. There were cases when Vlad would take a file from another Lender, who failed to approve the loan, and within short period of time he magically would turn desperate buyers into the Homeowners. Also, never he gave any false promises to my real estate buyers. No games! And communication is superb: when you have a question, the answer is there almost instantly. This is priceless.
Truly, I do not know any other professional who can be more beneficial to real estate purchasing and financing. If you are buying a primary residence or an investment property, Vlad is the best professional who will take your journey to desired closing. When others say NO, ask @vlad_cmgfinancial for a second opinion.
Happy Real Estate Financing!