Chicago Real Estate Perspective

Marc Churchill: Why Should You get Pre-Approved for a Mortgage

Episode Summary

In this episode, Dave and Marc discuss: What it means to get pre-approved for a mortgage. The steps involved in the pre-approval process and how long it takes. Questions you should be asking your mortgage lender. Managing expectations as a mortgage lender. Key Takeaways: A pre-approval is a much more detailed analysis of a buyer’s qualifications than a pre-qualification. In order to be a well-prepared buyer who wants their offer taken seriously, a full “Pre-approval” is highly recommended. The pre-approval process can be done quickly, and the documentation may vary depending on the technology used by the lender. Understanding the timeline of what your lender will work under is very important, especially once you’re under contract. Closing costs and expectations are very market specific. You need to be positioned with a mortgage professional who understands the market you are looking to buy in. "It's never been more important to be pre approved than in the current time and the current conditions that we're going through." —  Marc Churchill Connect with Marc Churchill: Website: http://mychicagomortgage.com/ Mobile Phone: 312-953-5316 LinkedIn: https://www.linkedin.com/in/marcchurchill/ Twitter: https://twitter.com/phmloans Facebook: https://www.facebook.com/mortgagechicago Instagram: https://www.instagram.com/mychicagomortgage/ Connect with Dave Nimick: Website: https://thenimickteam.com/ Email: dave@thenimickteam.com YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos LinkedIn: https://www.linkedin.com/in/davenimick/ Facebook: https://www.facebook.com/thenimickteam Dave Nimick is the owner of The Nimick Team, Inc. with Keller Williams Realty Show notes by Podcastologist: Chelsea Taylor-Sturkie Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

Episode Notes

In this episode, Dave and Marc discuss:

• What it means to get pre-approved for a mortgage. 
• The steps involved in the pre-approval process and how long it takes. 
• Questions you should be asking your mortgage lender. 
• Managing expectations as a mortgage lender. 

Key Takeaways:

• A pre-approval is a much more detailed analysis of a buyer’s qualifications than a pre-qualification. In order to be a well-prepared buyer who wants their offer taken seriously, a full “Pre-approval” is highly recommended.
• The pre-approval process can be done quickly, and the documentation may vary depending on the technology used by the lender. 
• Understanding the timeline of what your lender will work under is very important, especially once you’re under contract. 
• Closing costs and expectations are very market specific. You need to be positioned with a mortgage professional who understands the market you are looking to buy in. 

"It's never been more important to be pre approved than in the current time and the current conditions that we're going through." —  Marc Churchill

Connect with Marc Churchill:

Website: http://mychicagomortgage.com/

Mobile Phone: 312-953-5316

LinkedIn: https://www.linkedin.com/in/marcchurchill/

Twitter: https://twitter.com/phmloans

Facebook: https://www.facebook.com/mortgagechicago

Instagram: https://www.instagram.com/mychicagomortgage/

Connect with Dave Nimick: 

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is the owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.