Please Mr. Victoria Banker..Pre-Approve our Mortgage Properly
Just this Week..I was referred to a New Home Buyer by her Parents. She had been to see her Mr. Victoria Banker and they told her she was good to borrow up $220,000, and she qualified to get cash back which she can use for her down payment.
This Lady was excited with the thought of owning her 1st home... she is a retail store area manager and has a another business she manges that is her own.. Good income and stable person.
I called her parents right away and thanked them for referring me their Daughter to help her Buy her first home.
Wow..I like helping first time home buyers as they appreciate your advice and listen..After our first meeting I recommended she get her mortgage approval in writing and explained why. She agreed to call and we set a date to view homes For Sale on her day off.
Fast forward.....we met and found two Condo's she liked and we discussed her Dad viewing them. I asked her if she has talked to her Victoria bank about getting her mortgage pre-approval....she said she called them for an appointment and went in to see about getting a pre approval in writing...
Get this...... they told her she Did Not need a pre approval and to just make an offer on a home Subject to being approved for a mortgage..The Hair went up on the back of my neck, I knew they had not taken a proper mortgage application.
Knowing her mortgage may not really been pre-approved by Mr. Victoria Banker, I recommended she talk to a mortgage broker, and I gave her a phone number to call. I did not want my new home buyer to go through negotiations and be turned down,and I felt a few more days would be good business..
You guessed it the mortgage broker called me and said my Buyer does Not qualify, but she will by the Spring time.
I was Happy and Disappointed.... I knew my client would be disappointed, but better knowing now, not after trying to buy a home and losing out because we acted on a verbal approval by her Mr. Victoria Banker.
Please Mr Victoria Banker..Pre-approve our mortgage properly, so our clients do not get disappointed and lose out and be discouraged with the home Buying Process in Victoria.
I spoke with my Client today.....she is okay with waiting and very glad she found out before making an offer to buy a home.
Here is a short list from my Mortgage Broker why home Buyers should get pre-approved for a mortgage:
- to hold an interest rate for up to 120 days.
- to ensure that the client qualifies for a mortgage based on income.
- to ensure the client’s credit score is sufficient to meet lender guidelines.
- to speed up the approval process at the time of offer. If a pre-approval has already been done including a credit check and income verification, then when an offer is accepted it just has to be added to the already reviewed details.
- to ensure the client isn’t looking at properties they can’t afford based on qualification.
- to confirm if the client could be looking at properties in a higher price range, which may open up more listings to view
- to confirm not only the maximum monthly payment that the person can afford, but to ensure that this payment is comfortable for the client.
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Cheers
Fred Carver
Re/Max Camosun-Oak Bay
Google Map of Fairfield and Rockland
2239 Oak Bay Ave, Victoria, BC V8R 1G4
Victoria, BC
250-598-2963
Victoria Homes and Properties For Sale
Copyright © 2009 By Fred Carver All Rights Reserved "Please Mr Victoria Banker..Pre Approve our Mortgage properly?"
P
HAVE YOUR BEST YEAR EVER IN 2012 !
Cheers
Fred Carver
Re/Max Camosun
Accredited Consultant in Real Estate®
Direct 250-598-2963
40 Years Experience selling Real Estate does make a Difference.. call Fred today to Put his 40 years experience to work for You.
4440 Chatterton Way, Victoria, BC V8X 5J2
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Victoria Homes and Properties For Sale
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Post Copyright © 2011 By Fred Carver All Rights Reserved
Great post and request. I love your presentation. I may re-blog this one!
Sounds like excellant advice. Better to know that the deal can get done than spend a lot of time and discover that funding is not possible.
Oh Fred that is an Excellent Post! I would love to re-blog it too! How rel event. How disappointing for your client.......but good for you for doing the proper follow-up! Hey do u get your pics from the same place Terry does?
Hi Rosemary...by all means go ahead and repost...thanks :O))
Hi Theodora...my main concern was my clients disappointment, I want my clients to have a positive experience
Hi Liz.....Sure Please re-Blog...thanks
Fred, I wonder why sometimes people talk off the tops of their heads without looking into things the way they should. I'm glad you took such good care of your client and she can purchase in the not too distant future.
Hi Carol...This can happen way to often, as many Consumers just ask their bank, can I get a mortgage and of course the Bank says sure...Consumers and Banks need to stop and discuss in detail Mortgage needs and requirements.
Cheers, thanks for dropping by
Fred - An excellent post to show the advantages of using a good mortgage broker.
Hi Marc.....True Story, it happened this week. At least once a year i come across Clients that their Bank said of course we'll give you a mortgage..problem is the clients thinks they are approved. I ask for a copy of the mortgage pre approval.
Bottom line I want to know they have the mortgage when they remove their subject to financing condition.
Thank you! It is sad for your buyer and I hope she qualifies in the spring! We cannot get away without submitting PA here without an offer these days!
Hi Renee...my 1st time home Buyer is serious and motivated. I think it's a Good Idea to show and PA before and during an offer. Separates the Men from the Maybe'rs, Going do, I'll let you know and Be backs..:O))