I had one of these calls today...some very dear friends called to say they are ready to buy a house and they want to call someone they can trust (I love it!). So now I have to tell them, we need to get your financing in order. I go on to tell them we need to know what type of loan they qualify for and the amount so we know the price range we need. I heard a small pause and then...how much is that going to cost us? She then explained there might be some credit issues and they are worried about that. Thank goodness they feel they can talk to me. I explained that I work with a great lender and if she does not qualify right now, he will help guide her in what she needs to do to get in a position to purchase a home. Glad they called me!
Does it cost to start the loan process?
I had a new client ask me while we were talking about what to do next in the home buying process. I told her “no” and that I had someone who would give her a call to get the process started.....
Well that got me thinking, we all know that can be dangerous! Anyway, the thought of getting the qualification process started is pretty simple in its self. The loan officer pulls a credit report and then get the income information, bills, etc and you are well on your way! I want to talk about those that NEVER go any farther then the credit check.....
They do not qualify at this time and will have to do some work to get things up to par so that at some point they can be a homeowner. You may see them again you might not as a loan officer.
My question is for the clients that do have good credit and make it all the way to the closing table why are THEY being charged a credit report fee? You are already getting the loan and all that goes with that...I think that the ones that actually use the lender and go to closing should NOT have to pay that at all!
Why you ask?? Because of all the ones that DO NOT go to closing they are paying nothing for that step so why should the ones that do use the service?
Just food for thought and something that I am going to be looking closer at going into 2011.... What are your thoughts?