I need to thank Erik at Open Home Mortgage who e-mailed me a reminder regarding my last blog about getting 'pre-qualified'. He & I actually are in 100% agreement on what a potential homebuyer should do to properly work with a Mortgage Professional, we just called it different things!
Erik & I believe in the concept of being "pre-approved", not just pre-qualified.
What's the difference? The difference is in actually meeting with your new client, getting a current paystub (or two), verifying their employment history, verifying their assets, and not just pulling their credit, but actually going over it with the client.
NOW, when I send a letter to my Realtor, they know that this client has been run through FannieMae's Desktop Underwriter OR has been run through any of the many automated underwriting systems from Alt-A lenders....and that a deal will happen.
That's what seperates a Mortgage Professional from an "LO", in my book. Take the time to make sure your client will qualify, not just "well, someone will take them"......, and you'll earn a Realtor's trust...and their referrals!
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