Please Mr. Victoria Banker..Pre-Approve our Mortgage Properly

Please Mr. Victoria Banker..Pre-Approve our Mortgage Properly

Just this Week..I was referred to a New Home Buyer by her Parents. She had been to see her Mr. Victoria Banker and they told her she was good to borrow up $220,000, and she qualified to get cash back which she can use for her down payment.

This Lady was excited with the thought of owning her 1st home... she is a retail store area manager and has a another business she manges that is her own.. Good income and stable person.

I called her parents right away and thanked them for referring me their Daughter to help her Buy her first home.

Wow..I like helping first time home buyers as they appreciate your advice and listen..After our first meeting I recommended she get her mortgage approval in writing and explained why. She agreed to call and we set a date to view homes For Sale on her day off.

Fast forward.....we met and found two Condo's she liked and we discussed her Dad viewing them.  I asked her if she has talked to her Victoria bank about getting her mortgage pre-approval....she said she called them for an appointment and went in to see about getting a pre approval in writing...

Get this...... they told her she Did Not need a pre approval and to just make an offer on a home Subject to being approved for a mortgage..The Hair went up on the back of my neck, I knew they had not taken a proper mortgage application.

Knowing her mortgage may not really been pre-approved by Mr. Victoria Banker, I recommended she talk to a mortgage broker, and I gave her a phone number to call. I  did not want my new home buyer to go through negotiations and be turned down,and I felt a few more days would be good business..

You guessed it the mortgage broker called me and said my Buyer does Not qualify, but she will by the Spring time.

 I was Happy and Disappointed.... I knew my client would be disappointed, but better knowing now,  not after trying to buy a home and losing out because we acted on a verbal approval by her Mr. Victoria Banker.

Please Mr Victoria Banker..Pre-approve our mortgage properly, so our clients do not get disappointed and lose out and be discouraged with the home Buying Process in Victoria.

I spoke with my Client today.....she is okay with waiting and very glad she found out before making an offer to buy a home.

Here is a short list from my Mortgage Broker why home Buyers should get pre-approved for a mortgage:

1. to hold an interest rate for up to 120 days.
2. to ensure that the client qualifies for a mortgage based on income.
3. to ensure the client’s credit score is sufficient to meet lender guidelines.
4. to speed up the approval process at the time of offer. If a pre-approval has already been done including a credit check and income verification, then when an offer is accepted it just has to be added to the already reviewed details.
5. to ensure the client isn’t looking at properties they can’t afford based on qualification.
6. to confirm if the client could be looking at properties in a higher price range, which may open up more listings to view
7. to confirm not only the maximum monthly payment that the person can afford, but to ensure that this payment is comfortable for the client.

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Cheers

Fred Carver
Re/Max Camosun-Oak Bay

Google Map of Fairfield and Rockland

2239 Oak Bay Ave, Victoria, BC V8R 1G4
Victoria, BC
250-598-2963

Victoria Homes and Properties For Sale

 Copyright © 2009 By Fred Carver All Rights Reserved "Please Mr Victoria Banker..Pre Approve our Mortgage properly?" 

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