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GETTING A "PROPER" MORTGAGE LOAN PRE-QUALIFICATION

April 7th, 2017

GETTING A PROPER MORTGAGE LOAN PRE-QUALIFICATION: For the most part a pre-qual is not worth the paper it is written on. Why do I say this? Because most pre-quals that I see are done with nothing to back it. In order to really get a "proper" pre-qual the Borrower must bring to the table the following: last 2 years tax returns and W2s, last 30 days pay stubs, last 2 months bank statements, a letter explaining any credit issues, and a MORTGAGE credit report. With this information presented, a Mortgage Officer should be able to do the analysis to honestly tell IF the Borrowers can be pre-qualified - for how much and using what type of loan. It takes some work to insure that the Mortgage Broker/Bank's name can go on a pre-qual letter to provide the Borrowers who may be providing it to a Realtor. If not done properly, a lot of hopes and dreams can go out the window, and the Borrowers and Realtors can waste time and money. There is no doubt, that ultimately the Underwriter of the loan will decide if the loan can be approved, BUT the experience of the one preparing the pre-qual is key to initiate the loan/purchase process. Remember, that IF the credit report is pulled by the Loan Officer the credit scores will drop for the Borrowers, and this could knock them into a score category that will cost them a higher rate or a category that could prevent their approval. Therefore, IF the Borrowers can provide their own MORTGAGE credit report this could be prevented, as the scores will not drop IF the Borrowers get their own MORTGAGE credit report (ask where a true report can be pulled). For outstanding service call DIVERSIFIED MORTGAGE BROKERS - 30 years of experience in Central Virginia and beyond. We Educate our clients, offer superior rates, communication thru out the loan process, and quick closings. We know what we are doing! Give us a try Tel: 434-237-3143, Email: dbi4009@aol.com, Web: www.diversifiedmortbrokers.com

Diversified Mortgage Brokers

100 Copley Place, Suite D, Lynchburg, Virginia 24502
Toll Free: 800-388-3561 | Phone: 434-237-3143 | Fax: 434-239-4852
Email: dbi4009@aol.com | NMLS ID# 188675 (www.nmlsconsumeraccess.com)
http://www.diversifiedmortbrokers.com/

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