Jun
20
American Lending Network and The “Pre-approval”
Filed Under Utah Real Estate | Comments Off on American Lending Network and The “Pre-approval”
Lance Hancock called me from American Lending Network and we talked about financing for a home. Although I thought Thayne had referred him to me about “pre-approval,” before minutes into the conversation he asked for personal informaition like my social security number. “Why do you need my social security number?” I asked.
“You can’t get a credit report and get approved without a social security number,” Lance said.
“I’m in the beginning stages of research, Lance. I thought the purpose of this conversation was pre-approval, not approval. How much does the approval cost?”
“It doesn’t cost you anything. We incur the expense and recover it when you finance through us in the end.”
I immediately thought of the implications and my freedom to choose a different Mortgage company if American Lending Network invests in me. Even if I hadn’t signed anything, I didn’t want to be tied down. My friend, John had worked with American Lending Network and then chosen a different company to buy an investment home and a house for his family.
Lance continued, “I thought you were ready to move. Usually Thayne sends me people who are ready to move on a mortgage.”
“I’d be more comfortable doing research and from that research making decisions about how to proceed. Could you just send me a basic pre-approval and we’ll go from there?”
“Sure,” Lance responded.
I found it a fascinating sales tactic to go right to the final approval and I’m glad I didn’t just dish out my info. I need to learn more about this.
Mar
3
Dave, the media director at Family Literacy Centers, Inc., pointed out a property across the street that belonged to the “for sale” sign planted in the grass. It advertised duplex. “Though I don’t feel that serious about buying, if Trisha and I were to buy, we’d want a place that could earn us some extra income,” I thought to myself. “I might as well call and ask the price.”
The realtor answered the phone in a friendly tone, “Solid Equity.” Right away I asked him my question and told him where the property was. “$167k, 3 bedrooms upstairs and 2 downstairs, but do you know that’s a duplex?” he answered.
“Sure,” I responded, “That’s exactly what we want, to earn some income to help cover the mortgage.”
“That’s a smart way to go.” He assured me.
His personality and people skills soon had me feeling completely comfortable and actually wanting to get more serious about buying a house. We talked about what interests Trisha and me. Before long, I was thoroughly enjoying the conversation. However, when he asked whether or not I was serious, I quickly responded negatively. “I just spent thousands building an Internet business and I don’t have the money for a down payment.”
“Not a problem,” he insisted, “I’ve gotten tons of people into homes without paying a dime.” He continued, “I’m going to connect you with a mortgage broker named Lance with American Lending that I know who can help you get pre-approved.” We exchanged information quickly and he promised to send me an email. He told me his name was Thayne.
Before ending the conversation, I asked him out of curiosity, “Thayne, do you get any leads from the Internet?” He paused, “Ahhh.” This question both perked his interest and revealed his shaky technological foundations. “Not really, but I know we should be doing a lot more there. I’m surprised at the number of first time homebuyers that search the Internet first for a home. Do you build websites?” He asked.
“All the time,” I responded.
“Maybe you could help us with ours?” He inquired.
“I’m not asking because I want extra work. In fact, I’ve got some friends who would like me to help them do their search engine marketing on their real estate development. I was just interested in what type of success you’d experienced with the Internet, to help me know better how to help my friends.”
“Oh, well, I’m excited to talk to you later as well,” said Thayne. “We have a new 180 home development that I’ll need help with here soon. We need to help first time homebuyers on the Internet more,” I liked this forward thinking guy, “and give them the information they need.”
“Thayne,” I told him. “I’m going to do just that. As my wife and I search for a home, I’m going to record what we learn and share it with other first time homebuyers on the Internet.”
Thus, began this website, “The First Time Utah homebuyers Web Blog.” To use a term from my agricultural upbringing, we’re “breaking” the home buying “ground” ahead of you. Feel free to join us on our journey. Trisha and I are going to buy a home, and we’ll share everything we learn with you along the way.
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