{"id":74,"date":"2013-04-22T19:57:41","date_gmt":"2013-04-22T19:57:41","guid":{"rendered":"http:\/\/mikeclover.com\/blog\/?p=74"},"modified":"2018-10-31T10:46:45","modified_gmt":"2018-10-31T10:46:45","slug":"when-your-real-estate-buyer-says-im-pre-qualified%e2%80%a6","status":"publish","type":"post","link":"https:\/\/www.mikeclover.com\/blog\/2013\/04\/22\/when-your-real-estate-buyer-says-im-pre-qualified%e2%80%a6\/","title":{"rendered":"When Your Real Estate Buyer Says “I’m pre-qualified\u2026”"},"content":{"rendered":"

Do you know what it means when a real estate buyer is “Pre-qualified?”<\/strong><\/p>\n

It doesn’t mean a thing.<\/p>\n

To become pre-qualified, a buyer simply gets on the phone with a loan officer and tells his or her story. The loan officer will ask for income and expense estimates and ask questions such as “Have you ever filed bankruptcy?”<\/p>\n

Then he or she will say something along the lines of “Based on what you’ve told me, you’d qualify for a loan of $X with monthly payments of about $Y.”<\/p>\n

And there’s the catch: The qualification is based ONLY on what the borrower has said.<\/strong> And guess what? Some borrowers think they can somehow hide things like a low credit score, a past bankruptcy, or an obligation to make child support payments.<\/p>\n

Not only that, most borrowers aren’t aware of the income items that a bank won’t allow them to use in their debt to income ratios, so they can innocently mislead the lender.<\/p>\n

Your buyer needs pre-approval, not pre-qualification.<\/strong><\/p>\n

You can only be assured that your buyer can actually purchase a house at a certain price if he or she has been pre-approved. And even then, you have to make sure it was a complete pre-approval. Unless it was a thorough job, a pre-approval doesn’t mean anything more than a pre-qualification.<\/p>\n

When prospective borrowers come to me at MikeClover.com <\/a>for a pre-approval, I collect all the same information that I would if they had already found a home and were ready to buy. Then using my Unify CRM<\/a>, I verify their information and use either Fannie Mae or Freddie Mac underwriting software to get the pre-approval.<\/p>\n

With my pre-approval letter in hand, borrowers know that they will be able to get a home mortgage loan \u2013 as long as nothing changes.<\/p>\n

And things can change. That\u2019s why along with the pre-approval letter I give clients a list of things NOT to do before their mortgage loan is final. Any one of these things could upset the balance and cause denial of the loan.<\/p>\n

That list includes:
\n\u2022\tDon’t be late on any payments
\n\u2022\tDon’t quit your job
\n\u2022\tDon’t co-sign for anyone
\n\u2022\tDon’t acquire any new debt
\n\u2022\tDon’t transfer large sums of money ($200 or more) to your account from unknown sources.<\/p>\n

If you’re the buyer, come and see me online\u2026<\/strong>If you’re getting ready to search for a home in Texas, visit me at\u00a0mikeclover.com <\/a>and complete my on-line form to begin the pre-approval process. With my pre-approval in hand you can search with confidence, knowing that when you find “your” house, you’ll be able to make the purchase.<\/p>\n

Mike Clover
\nMortgage Banker
\nwww.mikeclover.com<\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Do you know what it means when a real estate buyer is “Pre-qualified?” It doesn’t mean a thing. To become pre-qualified, a buyer simply gets on the phone with a loan officer and tells his or her story. The loan … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/74"}],"collection":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/comments?post=74"}],"version-history":[{"count":4,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/74\/revisions"}],"predecessor-version":[{"id":851,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/posts\/74\/revisions\/851"}],"wp:attachment":[{"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/media?parent=74"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/categories?post=74"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mikeclover.com\/blog\/wp-json\/wp\/v2\/tags?post=74"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}