In Kind
March 11, 2008 – 2:07 am
“I’m interested in buying a house, can you show us around?”
-Sure, why not. Are you pre-qualified for a loan?
“Well, we figured with our income we could look at homes around
$600,000.”
- Do you have a pre-approval stating that?
“Uh, no.”
There was a time(2007) when just a good credit score provided entry to
the house of your dreams. Those days are no longer with us. Along with
a good credit score(680+), you will need a qualifying income(no more
than a 1/3 of income on housing) and a down-payment(depending on the
program and market, 3%-20%).
Before you decide to sell yourself on a home you can’t afford, save
yourself some grief by allowing me to recommend 3 mortgage brokers or
lenders that you can consult with in order for you to have realistic
and somewhat specific parameters to use as search criteria. This keeps
the buyers properly focused on what they can afford, keeping me, their
agent, from finding their dream home in a price range they don’t
qualify for.
An agent is not being dissmissive when he asks for a pre-qualification
letter( Many don’t promise a closing either), he is looking to serve
you in the most efficient manner possible, by addressing exactly how
much you can afford, he avoids wasting your time in the search process.
One Response to “In Kind”
I agree, currently, the ability to get a mortgage trumps finding the right property….so many homes to choose from so little mortgage options.
By Hypnotic on Mar 12, 2008