Savannah GA homes: Get Pre-approved

It's been busy here lately. More buyers are in the Savannah GA market and it appears they are recognizing some of the deals. Lately, though, each closing seems to have a catch and it centers around financing. Lenders are confused in the market and many of them have suffered from bad loans.

Make sure when you start looking for a home that you have spent sufficient time with your lender to determine if the your loan is right for you. Even it it delays the beginning of the home search, make sure you have given your lender all the pertinent information and documentation they need. I know I just wrote a post about this, but I want to stress the importance of pre-approval. 

Any little hiccup now can cause an underwriter to balk. Also, if you are using a mortgage broker, make sure the mortgage broker knows all the changes from all the lenders they use. We are seeing mortgage brokers going along on a closing telling everyone everything is alright only to have the lender let everyone a day before closing they no longer offer the type loan the broker thought he/she could get.

If you have good credit and you are getting a conventional loan, you should be okay, but do all the research up front, and demand that the lende/broker do their homework and not just get the ball rolling without knowing for sure.