The Real Estate Blog

The Importance of Getting Pre-Approved

Getting a pre-approval is one of the most important steps when it comes to buying a home... And it should be one of the first steps! Getting a pre-approval is not difficult and can take as little as 10 to 12 minutes.

On this video, Jeff & Jason tackle why a Pre-Approval is so important, especially in today's market! Home buyers today often times need a pre-approval in order to just view a property! Let alone needing one to put in an offer and being competitive in today's market.

Transcript of Video:

- Hi, I'm Jeff Chubb with REN network and the CHUBB Realty group, which is brokered by XP Realty. And today we're with Jason Bonarrigo of RMS mortgage. And today we're gonna talk about why is it so darn important in order to get pre-approved. Jason?

- Well, it's everything right now. It's really tough competitive market. I mean, if you don't have a certified pre-approval letter most realtors aren't gonna talk to you, A. And B, you're just gonna be behind the eight ball. I mean, it's such a competitive market. I mean, I had one last week where there was 11, I think 11 to 12 offers on this house.

- We have three. Last week that were that way.

- Did you really?

- Yeah.

- I mean, it's crazy. You just have to be. And again, any good realtor where it's not going to waste their time because they know you're not serious or you haven't got serious yet. So, when they push it and say you gotta talk to your lender or they refer someone they're doing it for your best interest. So you're in the most competitive place to buy a home.

- And, you know, one of the effects, the long lasting effects of COVID is that people have kind of woken up to the aspect, well I don't necessarily want unqualified buyers in...

Simplicity of the Pre-Approval

The pre-approval process can be simple. The first step of the pre-approval only takes ten to twelve minutes when doing it online through a secure mortgage application system. 

You will simply provide some answers to some questions including providing your social security number. These questions are around your current income and other assets that you currently have. 

Transcript of the Video:

- Hi, I'm Jeff Chubb with REN Network. And today we're with Jason Bonarrigo of RMS Mortgage. Jason.

- Jeff. Hey, how are you doing? Thanks for coming.

- I appreciate it, thanks for having me.

- So, today we're going to talk about specifically the pre-approval process.

- Yeah.

- I constantly am hearing from clients, it's just the reason why they're not doing is it's overwhelming. They feel that it is overwhelming, it's overwhelming.

- They think it's overwhelming.

- They think it's overwhelming.

- They think it's overwhelming.

- And they don't actually end up taking the first step.

- No.

- And so, you know, tell me, so and I recently did the process, which was pretty seamless and easy.

- Right.

- But tell me, so what is that first step? So we make the introduction to the client and say, hey, it's Jason Bonarrigo, he's the greatest mortgage banker on the face of this earth, right?

- All the time, yeah.

- And at that point you kind of take it away. So, what happens?

- Yeah, obviously I just, you know I thank you for the referral. I reach out to the client and just ask them when the best time to chat is or whether it's over email or a text or obviously on the phone.

- Right.

- As well, I actually prefer it on the phone especially for that initial contact, because again, I get to make them feel...

Finance Talk - 2020 in the Rear View and Looking Forward to 2021

Script of the Interview

- Hi, it's Jeff Chubb with REN network and the Chubb Realty Group brokered by eXp Realty, we're here with Jason Bonarrigo of RMS Mortgage today, and ultimately, Jason, did you wanna say hi? But really we're gonna have a nice conversation in regards to what happened in this crazy year in 2020 and ultimately what we see for 2021. So lots happened I think in a year--

- It's been crazy, it's been crazy. It's been good, but it's been good but--

- It's been crazy good.

- So I think we're really lucky in the aspect that both of our industries from COVID, having, I mean I thought it was gonna go completely in the opposite direction, when COVID hit and the world shut down--

- Scary times.

- Yeah, I don't know about you, but I remember saying to my wife, like, hey, it's time to batten down the--

- Pack up camp and go back to school.

- Here we go to 2008 all over again, you know,

- There was a worry for all of us, I think, I mean, in all seriousness, I mean we were all concerned about what was going to happen and obviously still are in the bigger picture of things with everyone's health, but that being said, in our businesses, you know, very lucky and knock on wood, but we've survived and we've thrived really, you know, and interest rates have been low and people are buying homes and selling homes, and it's obviously been ironically one of the busiest years in our business.

- Who would have thought, it just took a world epidemic where the world shuts down, in order for--

- Total production.

- To make our real estate market completely change and one of the, you know, there's been a lot of changes in my world, not necessarily from, I mean, we're still selling a lot of houses, right? But it's weird in the sense of it's not the city anymore,...