White House

The advantage of working with Michael Rand & Associates is the fact that we are a one stop shop.  We are licensed to do both Real Estate, Mortgages and we have our own Escrow company.  This enables us to be able to guide you throughout the entire home buying and loan process.  Furthermore this allows us to work more efficiently and close Real Estate deals and mortgage loans faster.  We have contracts with 40+ different lenders, which gives us access to a great variety loan options and programs that you won't be able to get from your traditional lenders. 

One of the first steps in the mortgage loan process is the pre-approval.  At Michael Rand & Associates we want to make our services as easy and convenient as possible.  By clicking the Pre-Approve Me button you'll be guided through the entire approval process by our online pre-approval system.  Download the app and use your phone to scan your documents and the app to upload them straight to our software.  You can even generate and print your own approval letters or use the calculator tools.  Of course if you prefer to get pre approved in person, where are more than happy to help you out at our office in Burbank. 

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5 reasons to get pre approved

You’re a more powerful buyer
Real estate agents and sellers will see you as a serious buyer when you have the backing of a lender.  Pre-approval means a lender has looked at your financial background and determined how much home you can afford.

 

Can save you time

Getting pre-approved can also save you valuable time by identifying how much you can afford, so you can target your home search to your price level. This also allows you to focus on the features of the home rather than worrying about the price tag.

 

Better bargaining power
With a pre-approval letter in hand, you will likely have more negotiating power because sellers and real estate agents know that you have already talked to a lender and you mean business.

 

Reduce surprises
Talking to a loan officer before finding your perfect home can help ensure you’re not surprised when it’s time to make an offer.  Getting your ducks in a row early will leave little room for unexpected surprises - such as a low credit score or a less than desirable debt-to-income ratio - when you find the home you've been looking for.

 

Enjoy shorter closing periods
A pre-approval can help to speed up the closing process, since much of your financial information is already collected and in the lender’s system.

wide variety

Mortgage brokers have regular contact with a wide variety of lenders, some of whom you may not even know about.  

A broker also can steer you away from certain lenders with onerous payment terms buried in their mortgage contracts.

That said, it is beneficial to do some research of your own before meeting with a broker.  An easy way to quickly get a sense of the average rates available for the type of mortgage you're applying for is to search rates online, then use a mortgage calculator. Tools like this will let you compare rates easily and provide you with extra knowledge when assessing a mortgage broker's credibility.

negatiotates fees

A Broker may be able to get you a better deal with less fees.

Several different types of fees can be involved in taking on a new mortgage or working with a new lender, including origination fees, application fees, and appraisal fees.

 

In some cases, mortgage brokers may be able to get lenders to waive some or all of these fees, which can save you hundreds to thousands of dollars.

Better access

Some lenders work exclusively with mortgage brokers and rely on them to be the gatekeepers to bring them suitable clients.

You may not be able to call some lenders directly to get a retail mortgage. Brokers may also be able to get special rates from lenders due to the volume of business generated that might be lower than you can get on your own.