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Brokers can't give you a preappproval

some people may view what I'm saying here as self defeating. After all, I am a broker. I guess I'm just sick & tired of all of the guys out there giving us, the brokers that work hard & are honest, a bad name. I also feel that just being honest pays you back many times over in the long run. As a broker, we can view our clients documents, review their ratios & compare it to the online approval that we get. We can also get all of your documents, send them in to our lender & give you a REAL preapproval from the lender. The problem is that even the lenders (i was a branch manager for Countrywide) do this all of the time. They submit your documents to an underwriting system, get the approval & never ACTUALLY check with the underwriter because they DON'T actually have the docs from the client. So the next time you get a preapproval letter, ask the loan professional how many W-2's, paystubs & bank statements did they look at. Ask if the underwriter actually looked at it. You might be surprised or maybe not, that what you actually have is a worthless prequal!!

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 5 commentsJoe Gonzalez • March 15 2008 09:03AM

Comments

You are so right. It is hard to give something like a pre-approval if you don't have enought to base anything on. Well said. Thanks
Posted by Royal Goodman, "We Treat You Like a King" (Royalty Home Solutions) over 11 years ago
You are so right. It is hard to give something like a pre-approval if you don't have enought to base anything on. Well said. Thanks
Posted by Royal Goodman, "We Treat You Like a King" (Royalty Home Solutions) over 11 years ago

You are so right. It is hard to give something like a pre-approval if you don't have enough to base anything on. Well said. Thanks

 Tom. Sorry about that. My computer locked up. I guess I sent it a couple times by accident. I fixed it. Good Eye. Thanks, Royal..

 

Posted by Royal Goodman, "We Treat You Like a King" (Royalty Home Solutions) over 11 years ago
Joe, Right on. Great Post, Thanks for the information. That's a lot to absorb. I'll keep it all top of mind. Keep up the great blogs.
Posted by Jerry LaRose - Orlando Fl Real Estate Expert, Orlando Fl Real Estate Expert, Short Sale Expert (Orlando Realty Partners, Orlando Short Sale Specialists) over 11 years ago
Ok Royal, lol you posted your comment 3 times??  Goodness, yes well I agree their is some stickyness to the situation, Thanks Tom Davis Realtor.
Posted by Tom Davis, FREE Delaware Homes Search!, $$ Save $$ - Find Homes! Delaware Realtor (Harrington ERA,DE Homes For Sale, $$ Save $$ Buy Today !) over 11 years ago

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