Are you really preapproved for your home loan?
Depending on your actual qualifications, however, it can be a mistake to assume that you’re pre-approved for a new home loan based solely on a Prequalification Letter. This is because none of the information you’ve supplied has actually been verified and no lender has reviewed your application. This isn’t to say that the prequalification process isn’t a good idea — in fact, it’s a prerequisite to being pre-approved. By talking about your qualifications, financial goals, and other important points I’m in a much better position to assist you with obtaining your actual loan pre-approval..
Many highly experienced Realtors will only work with pre-approvedclients. If you’re a first-time homebuyer, we request that we pre-approve you as well.
Realtors and mortgage brokers’ businesses rely heavily on reputation for successful closings. The relationship between a Realtor and his or her preferred mortgage broker is also very important because this relationship is based on trust-a trust that when your mortgage broker tells a Realtor that you’re qualified for a loan that it means there is no chance that you won’t qualify for a new loan after the purchase agreement has been signed. The relationship between highly successful Realtors and mortgage brokers takes years to form in many cases, and that relationship is highly valued between both parties.
Many top-producing Realtors with successful reputations will not accept an offer from a prospective buyer based on a simple prequalification interview. They will not jeopardize their reputation and take chances with buyers that they do not know with reasonable certainty will ultimately qualify for a home loan.
As a prospective homebuyer, you should want this level of certainty as well.