400,356
I expect the lender to collect and review any and all of the information necessary to write an authentic pre-approval letter.
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John Meussner
Fair Oaks, CA
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Arlene Fisher Blaker
Owings Mills, MD
1,153,794
They had better be doing it before hand Arlene Blaker neither myself or my customers are entertained when things go awry!
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Bill Meloy
Palm Beach Gardens, FL
443,220
I prefer to have all the due diligence completed prior to writing the pre-approval letter. That way, the letter means something!
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Arlene Fisher Blaker
Owings Mills, MD
6,423,496
4,319,773
279,878
4,800,132
630,251
1,078,351
The agents and Realtors I work with would not be happy if I gave them pre-approvals that were subject to failure. Not all clients love gathering all their info prior to getting a pre-approval, but no one serious about buying a house seems to mind.
921,504
Of course the documents need to be seen and reviewed.
Then the PA provided. That not doing much at all, but the minimum required in order to get the e-Key out.
Very quickly ofterward, the data must be VERIFIED. This is the the more important step and the document of verification status should be readily available and communicated efficiently. When the verification comes in and the last years wage was 40% bonus....yikes.
69,195
I am glad the Realtors want all documents prior because that is the only way to secure the best results. I have realtors that say the buyer will have the funds after the contract and that is NOT the results. If they have no mortgage payment prior and cannot save the down payment then they might not be the best risk for a bank to provide the home loan.