201 E. Dundee Rd #9, Palatine, IL 60074
201 E. Dundee Rd #9, Palatine, IL 60074
Independently Owned & Operated
Illinois Licensed Real Estate Brokerage
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REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is a Member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
Four Daughters Real Estate, 201 E. Dundee Rd #9, Palatine, Illinois 60074 - is an Independently Owned and Operated, Illinois Licensed Corporation.
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201 E. Dundee Road
Palatine, Illinois 60074
Illinois areas we service:
CHICAGO - JEFFERSON PARK
CHICAGO - NORWOOD PARK
CHICAGO - O'HARE
ELK GROVE VILLAGE
FOX RIVER GROVE
LAKE IN THE HILLS
Do you have an topic that you would like more information about, or would like to share your real estate story. Please visit mariobilotas.com and tell us all about it.
Why do I want to be PRE-APPROVED for a loan / mortgage? Is it because real estate agents do not want to waste their time with unqualified home buyers?
No. Getting pre-approved serves two key purposes:
1. Provides a financial snap shot of your qualifications which will determine the type of loan you'll qualify for and how much it will cost you monthly. We'll adapt your monthly budget based on this qualification. You will want to know how much things will cost you, after you buy the home.
2. If you decide to make an offer on a home, the seller will ask for the pre-approval letter, prior to accepting your offer, for a sense of security that you've performed your financial due diligence. In a market where competition is strong, time is of the essence. Having the pre-approval completed ahead of time will make you an organized home buyer, and more attractive to the prospective seller. This may increase the possibility of you winning the bid, too.
How long does it take to get pre-approved?
1 day - 1 week. Lending has changed a lot since the early 2000's. Today's loans are complicated and come with much lender insecurity, which means prior to providing a formal pre-approval, the loan officer will review your credit, income statements, tax returns and bank statements. Upon the review of these, the loan officer will issue a prompt pre-approval letter which can be used for placing offers.
What is the difference between a Pre-Qualification and Pre-Approval?
Pre-Qualification: The loan officer has taken your word regarding income, assets, and may have run credit, but has NOT ran your information through a Desktop Underwritting System, which would confirm if you should qualify for a loan. Pre-Qualifications are helpful, but often do not provide enough security during a time of an offer.
Pre-Approval: The loan officer has reviewed your income statements and assets, had run credit, and DID run your financials through Desktop Underwritting System, confirming if you qualify for a loan. Although this is only a preliminary step subject to actual under writer review, appraisal and more, it is a step that offers additional security for the listing agent while considering your offer on the property.
Four Daughters Real Estate has established relationships with a number of mortgage professionals and can direct you to the appropriate party, upon request.
If you would like to be contacted by a lender, or receive their contact info, please click on the link below and provide some very basic information so we can forward or reply with information. This is a Quick Reply form and a Four Daughters Real Estate representative will attend to you right away.
For even quicker response please call us at (847)910-5022.
Four Daughters Real Estate holds no monetary relationships with any mortgage lender referred. Referred lenders have proven to be trusted professionals based on their ethics, morals, customer service, and lending experience. Nothing more. If you are unsatisfied with a lenders referred to you, please let us know by emailing the Managing Broker, here.