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(English) Is Your Pre-Approval Worth The Paper It’s Printed On?

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3 comentarios
  1. David Fialk
    David Fialk Dice:

    A great start to talking about what mortgage pre qualifications and or mortgage pre approvals should be about.

    Right now, I would estimate that 70% of the pre-approvals I receive from buyers I am working with or from CoBroke Agents on offers they are submitting on my listings ARE NOT WORTH the time or the the paper they written on.

    There must be some minimum standards that all lenders need to follow when providing a potential buyer with a mortgage pre qualification or mortgage pre approval letter. It must involve more than a simple phone conversation and an in file credit check!

  2. Susan Ani
    Susan Ani Dice:

    I recently had an initial meeting with new buyer clients. As our conversation shifted to mortgages and lenders, what they told me left me speechless. They had already talked to a mortgage broker who told them that he, the broker, would initially give them a pre-approval letter that showed the LOW END OF THEIR BUYING RANGE so that their buyer agent did not try to push them into a higher priced property. Only if these buyers found a property they wanted to purchase that was priced beyond that initial preapproval letter would that lender reissue a modified and “improved” letter. Need I explain how I felt as a responsible, ethical agent? I will certainly suggest to this couple that they consult with other mortgage lenders who might give them a more balanced understanding of the mortgage approval and application process, lenders who also respect the licensed real estate agents who must be working as a partner in the real estate transaction that these buyers will be participating in.


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