Pre-Qualification vs. Pre-Approval…
- Ask for an estimate of closing costs associated with the loan. Ask for an explanation of the fees/charges. Some lenders use this as a way to extract additional monies and drive up the profitably of a loan, with what are known as “Junk Fees.”
- If a lender ever mentions they can get a property to appraise for more than the asking price, BEWARE … this is a technique often used by PREDATORY LENDERS and possible mortgage fraud.
If all this seems a little overwhelming, don’t hesitate to contact your REALTOR® to help you navigate through this and other issues surrounding your home buying decisions.
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