Dave Stead

Mortgage Pre-Approval

If you're just beginning a search for your first home or your 10th, one of the first things that you need to do is to get pre-approved by a reputable mortgage lender.  All sellers want to see a Mortgage preapproval letter when they consider an offer.   If your lender is known to thoroughly review all of the necessary information before issuing a preapproval letter, your offer is seen as stronger and it is more likely to be accepted.

Some Important things to consider when selecting a lender:

  • Be careful of hidden fees and high closing costs.  "Origination Fees" and "Junk Fees" can make what you thought was a good deal not so good
  • Not all lenders have access to every loan program.  If you're a Veteran or first time homebuyer with a limited downpayment, It's important to use a Massachusetts lender that has access to MassHousing, FHA, and USDA programs.  They may be your best option.
  • There are some lenders that are known in our industry to issue pre-approval letters without verifying credit, employment, and other important factors.  If your pre-approval letter is from a lender that has become known for this, it may cause a seller to accept someone else's offer. You could lose a property.
  • Realtors cannot receive a fee for sending you to any lender.  I always recommend the lender with the best programs for a specific homebuyer.
  • Bigger companies are not necessarily better.  Mortgage companies and smaller banks are likely to have one or two points of contact that are accountable and consistent throughout the process.  If you're calling an 800 number and speaking to a different person every time, you'll go out of your mind.

Some Lenders that I've worked with many times and clients have given great reviews:

George Fotos
Envoy Mortgage

Direct: 508.755.9883   
Email: gfotos@envoymortgage.com
Web: http://www.envoymortgage.com

Patrick Manning
Superior Rate Mortgage Corp.

Direct:  508-259-5863
Email: pmanning@srmortgagene.com
Bruce Varner
Security First Mortgage

Cell: 347-615-4444
office: 508-853-3000
email: bvarner@securityfirstmf.com     

Central Massachusetts Real Estate Expert