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Does Your Lender Actually Get Preapprovals?!

The other day I was working with my realtor & she asked me, "So are my clients pre-approved yet?"  I told her no, they are pre-qualified & I'm waiting for their documents to get them pre-approved with my lender.  And I started thinking to myself then, why am I working my butt off getting real pre-approvals? Why do I find myself over & over & over again explaining the difference between pre-approval & pre-qualification?  Why? Why? Why?

 

I mean think about it.  When I worked for Countrywide, no knock on Countrywide or the branch I worked for, but I didn't see not one person actually go over the underwriter & ask for a real preapproval.  When I worked at the small broker shops, I NEVER saw anyone actually submit the deal to the lender before they had a contract.  But everyone was told they were preapproved. 

When it comes down to it, it is an unfair advantage if you are saying the deal is pre-approved when it really isn't.  I mean let's face it, there are certain clients that are slam dunks.  You the guy I'm talking about.  The one with 800 credit scores, 50% down, on the job for 10 - 15 years & has no debt.  But how about the rest of them?  It takes considerably more time to get them pre-approved. 

Well I'll continue to do it & continue to explain because you know what?  I'll always have repeat business.  I will ask something from every realtor who reads this post though.  Please ask  demand that your lender be honest & tell your clients the difference. In the long run it will help all of us to continue to have smooth on time closings! 

For help or questions contact:

Joe Gonzalez

Senior Loan Consultant -  NMLS #126036
GMH Mortgage Services, LLC
625 W. Ridge Pike, Building C, Suite 100 | Conshohocken, PA  19428 | Direct: 610-355-8039 |  Cell: 610-739-6563

FHA Jumbo Loan, Mortgage King Of Prussia   FHA Jumbo Loan, Mortgage King Of Prussia   FHA Jumbo Loan, Mortgage King Of Prussia

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Comment balloon 7 commentsJoe Gonzalez • July 21 2008 05:16PM
Does Your Lender Actually Get Preapprovals?!
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