So Mr and Mrs Buyer, you don't want to talk to my mortgage lender because?
What are the reasons a potential buyers won't talk to my preferred mortgage lender?
1) You are paying cash.
2) You are already prequalified for a mortgage.
3) You aren't that serious at buying now and your "just looking?".
4) You are afraid that they won't qualify for a mortgage.
I used to get really discouraged that I couldn't close a potential buyer on consulting with my preferred mortgage lender before writing an offer. That was until I realized that nine out of ten times it's reason #4: They are afraid that they won't qualify for the mortgage loan. I know this because the ones that I have been persistent with, and getting them in contact with my lender, after pulling their credit, showed the true reason, poor credit.
But on occasion, they are already prequalified. Usually by a friend or a relative of a friend that is in the mortgage business. To be honest, anytime that I'm not using a mortgage lender that I haven't used before, makes me a little nervous. I don't like surprises when it come to real estate closings. I want a mortgage lender that keeps me informed to whats going on, and will always return my call promptly. I expect my mortgage broker or banker to have the ability look ahead and prevent problems before they ever arise. Sure, most of the "Bad Lenders" have failed and have left the market place, but they are still out there. With the all secretive and hidden YSP's, yeild spread premiums now vanished, the incentive of a big profit for a mortgage broker is no longer there.
Buyer's get prequalified! Get a GFE Good Faith Estimate. Get a Good Faith Estimate from more than one mortgage lender. Then come and consult with mine here in Jackson TN. You'll be glad you did.
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