Three Pre-approval Questions To Ask Your Mortgage Lender Before Searching For Homes
You are excited. You’ve been looking online. 4 bedrooms, two baths, your kids are finally going to have their own rooms! And you are going to have your own private bathroom.
Your realtor took you to look at the perfect home, with a pool. You made an offer, and it was accepted.
Sounds like the typical story, right? Not so much.
Because you got a pre-approval from a lender who didn’t look at your financial documents. You didn’t actually qualify to buy the home you fell in love with.
This scenario happens more often than you might realize. Please ask your broker these three questions.
- Did you review my pay stubs, W2s, bank statements, P&L, Tax Returns?
- Did you pull an RMCR credit report or an one-bureau in-file credit report?
- Did you run my loan through the Freddie Mae, Fannie Mac underwriting engine for approval?
If your lender reviewed the documents properly, ran an RMCR credit report, and ran your loan through Freddie and Fannie, you are in great shape. If not, you might not be working with the wrong mortgage broker.
If you are still confused by what questions to ask, give us a call, (727) 376-6900. We can explain how your documents, RMCR report, and underwriting can affect your purchasing power.
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NMLS #2062741
Mortgage Broker Trinity, Florida
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