Quantcast

Getting the Spring Home Seeker Pre-qualified

MAR 17, 2014 11:15am ET
Print
Email
Reprints
Comment (1)
Twitter
LinkedIn
Facebook
Google+

From the perspective of a mortgage broker, at my end of the business I am witnessing a large rise in pre-qualifications. A client will look to obtain a pre-qualification letter generally before they begin the search for a new home.

Without a doubt the weather in New York has put a damper on house hunting and inventory too. I honestly believe that homeowners are waiting to list their homes for when they are able to present it with more desirable photos and some spring flowers.

But the weather has not stopped these borrowers on the sidelines from obtaining their prequalification letters and preparing for their search. In fact we have a number of borrowers that are prepared and have already applied for a commitment letter from a lender on a property to be determined. This allows the borrowers to be cleared from a lender of income, assets, credit and have an actual commitment to lend versus a pre-qualification or pre-approval.

This is a much stronger tool when negotiating on a property. We encourage this step at A.S.A.P. Mortgage as it places our borrowers in the front line when bidding on properties in the next few months.

We do not charge a fee for this service and have found it quite helpful when in a bidding war. From this side of the business we see the "hum" that is spreading and get a better idea on the numbers we are looking in our industry come the spring market.

My assumption is along with the snow clearing away the house hunters will be out to play!

Comments (1)
Good work
Posted by | Monday, March 17 2014 at 11:24PM ET
Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.
Twitter
Facebook
LinkedIn
Already a subscriber? Log in here
Please note you must now log in with your email address and password.