Are you thinking of using an online lender to buy your first home but aren’t sure if it’s the right choice? In this episode of Look, Like, Live Winona, we’re going to share the story of David and Stephanie, first-time homebuyers who ended up on a different path to get the home they wanted. We’ll show you what we did to help them get preapproved in record time so you can see if this can work for you.
Meet David And Stephanie
David and Stephanie thought that going through an online lender as first-time homebuyers would be the way to go. However, they ended up going a completely different route and getting the home that they want. Today, the pair are the owners of a brand new home.
When we first met David and Stephanie, they really wanted to buy a house. Like most first-time homebuyers, they didn’t know where to start. They ended up going online because they saw an advertisement for an online lender. At first, everything seemed to be normal and everything was going okay—until they found a house that they wanted.
Although that online lender ghosted them, we were able to help them find a lender, get preapproved, and purchase the house they wanted. Let’s find out how we did it.
Using Local Lenders
The main problem we had is that any house would receive a lot of activity and offers as soon as it was listed. Because of that, we needed a lender who would provide a pre-approval letter quickly so we could make an offer before the house would sell.
Once we saw the issue, we recommended that they work with some local Winona lenders. Once they chose a lender, that lender was able to get them pre-approved within hours. Not only did they get pre-approved, but they also saved money with a special that the lenders were running.
Sometimes people assume that all lenders have the same rates, products, and services—but that isn’t always the case. When shopping for a loan, who you finance it with is one of the most important parts of the home buying process. A good lender will help to get your offer accepted by instilling confidence in the seller’s agent.
Getting Into Your Dream Home
Once David and Stephanie were fully pre-approved for a loan, they knew exactly what their numbers were. They were then confident to make an offer on any property that we found. Their lender was able to provide a pre-approval letter, and their transaction closed pretty quickly.
Of course, it wasn’t an easy experience. So many people tend to think that all lenders are created equal, and that isn’t always the case. Buying a house is a huge transaction, and sometimes just being able to pick up the phone and call someone is one of the most comforting parts.
David and Stephanie thought that most lenders offered the same programs, the same rates, and the same services—until they were ghosted by one. The local lender that we found not only outperformed the fancy online lender but also saved them a bunch of money. The lesson here is that getting pre-approved by a local lender is key.
We’re Here To Help
The next time someone tells you that you can’t get pre-approved for a home loan quickly, don’t believe it. David and Stephanie are now living in a brand new home. Sometimes you just have to think outside of the box.
If you find yourself or someone you know in a similar situation, don’t hesitate to reach out to us. We’re ready to help you out. We help people just like you buy and sell real estate every day, and we would be happy to assist you, too. Feel free to message us and we’ll be happy to help.
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