6/8/2008
 (IRVING, TX – June 8, 2007) – Many homebuyers miss one of the most important steps in the home buying process. The professionals at Coldwell Banker Residential Brokerage – Dallas/Fort Worth (CBDFW) strongly advise that homebuyers arm themselves with a pre-approved mortgage loan before they begin their house hunting.
CBDFW cites numerous advantages of having a pre-approved mortgage loan. Allen Stevens, regional manager for Coldwell Banker Home Loans (CBHL), states that CBDFW real estate professionals can guide clients through the pre-approval process by putting them in touch with an in-house Mortgage Advisor or Loan Officer affiliated with Coldwell Banker Home Loans.
“Getting pre-approved through Coldwell Banker Home Loans is a convenient and timely experience which numerous purposes,” says Mr. Stevens. “This process will show how much you can afford and save time during the house hunting phase by focusing the search on appropriate price ranges.”
Sue Meyer, president and chief operating officer of CBDFW points out that a pre-approved mortgage loan is a lender’s actual commitment to lend to the homebuyer, with specifications on the exact loan amount. “To get pre-approved, homebuyers need to provide personal financial information -- such as income, debts and assets -- to a lender,” she says.
After a homebuyer applies for the loan, the lender will most likely approve the application with certain caveats. With the lender committing to the loan amount and interest rate up front, buyers can have added confidence that adequate financing is in place before they start shopping for a home.
Having a pre-approval letter provides the homebuyer with an edge in a multi-offer situation. An offer with a pre-approval carries far more weight than an offer with only a pre-qualification letter or no letter at all.
By working with a Mortgage Representative with Coldwell Banker Home Loans, before looking at houses, the homebuyer will have plenty of time to evaluate what category of mortgage product works best for their financial goals.
“Once they have decided upon the kind of loan that they want and they have been pre-approved for it, homebuyers can then focus on finding their dream home,” says Ms. Stevens.
“By taking the time to seek pre-approval, the homebuyer can select a comfortable loan amount,” says Ms. Meyer. “It’s important for a buyer to purchase a home that they can own – not one that will own them.”
Coldwell Banker Residential Brokerage - Dallas/Fort Worth (www.cbdfw.com), with 19 locations and nearly 1,200 associates and staff, is a leading residential real estate company in Texas, and is owned and operated by NRT LLC, the nation’s largest operator of residential real estate companies. NRT is a subsidiary of Realogy Corporation, one of the preeminent and most integrated providers of real estate and relocation services in the world.
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