To minimize risk, many agents now require their buyers get pre-approved before they begin looking at homes. This is a smart tactic, since it's important for buyers to know right from the beginning how much they can afford to spend on a home. In addition, some sellers require buyers to get pre-approved just so they know that a lender has looked at their financial picture.
On Active Rain, when we talk about Zillow, we spend a lot of time talking about real etate and Zestimates, but did you know that there is also a very popular, free mortgage section where Buyers can begin the loan shopping process?
A quick and easy way for your buyers to get pre-approved is to have them visit Zillow Mortgage Marketplace, where they can request custom loan quotes from thousands of lenders. Buyers submit a loan request - anonymously - using the Zip code where they are looking and a target price, along with other information such as the down payment amount, estimated credit score, income and debts.
In just seconds, they receive custom loan quotes from a network of thousands of participating lenders. Buyers find the best quote by sorting, filtering, and comparing quotes side-by-side. They also learn about lenders via lender profiles, ratings and reviews.
Once they've had a chance to compare quotes and lenders, buyers contact lenders to request a pre-approval...lenders don't call them. Borrowers are in control and remain anonymous until they decide to make contact with a lender.
And Lenders, if you haven't signed up to quote yet, here is a link where you can try it out and see what type of loan requests have been made in your area.