Qualifying for a mortgage is more demanding.  Know where your buyer stands before you begin the search for their new home.

Your buyer's ability to obtain a mortgage will be different that it was 2-3 months ago.  If they have a prequalification letter from their lender you should advise them to check with their lender and get an update to make sure it is still good. 

Don't go through the heartbreak of finding their dream home, reaching an agreement with the seller only to find out that they no longer qualify for the mortgage.

 

3 Comments on Mortgage Qualifications

NOV
29
2009

Yvette and Dennis,

You are so correct about this.  I advise all my clients and agents that I need to re-prequalify them every 2 to 3 months depending on their situation.  It is the only way to know if you have a qualified buyer!!

3:38pm • #1
133,596 Points 3 Featured Posts Attended Rain Camp

Very valid points. Lending guidelines are changing all of the time. In addition, many borrowers do not get familiar with all of their options prior to speaking with a loan officer. Having some general knowledge is very important. I recommend the following read for all new prospects...

 LOAN SHOPPING GUIDE              LOAN OPTIONS                  CLOSING COSTS                      FAQ

Reading these at a minimum will arm the borrowers with enough information to have an intelligent conversation with a loan officer.

 

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3:44pm • #2
NOV
30
2009
568,550 Points 26 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Nothing is worse than having buyers fall in love with a home that they can't buy.  No other house will then be good enough.

12:32am • #3


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Yvette & Dennis Gardner

Spartanburg, SC

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Keller Williams Realty, Spartanburg, SC

Address: 245 E. Blackstock Road, Spartanburg, SC, 29301

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