Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
20+ Years Experience
9am till 7pm Monday thru Saturday, Sundays by appt.
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
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i am not fan of national brand mortgage company. i think it's a just assembly line system and you never know who is in other end of the phone. but many real estate agent would like to become a quicken preferred partner so I would welcome all client. my opinion before start showing or making any offer try to get pre approval from real loan officer :) not pre qual from computer.
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When it comes to making sure financing will go through, too much is never enough.
The next step up is a pre-approval. They are nearly meaningless because lender can 'find something' two day before closing and refuse the deal. Buyer has lost nearly $1,000 in inspection and appraisal and seller and buyer have prepared to move...and neither will be made whole.
A buyer with a 'Clear-To-Close' has successfully passed the lenders underwriting process and "HAVE the MONEY COMMITMENT.'
If you were a seller, which would you want, good intentions or a true commitment?
As a listing agent I would advise the seller to kick the Quicken pre-qualification to the curb until better credentials are presented.
If buyer B comes in with a 'Clear-to-CLose" and your buyers loses out, and you did not advise you buyer of the value of the pre-qualification, you need to understand, you caused your buyers to make a decision that was harmful to them.
What is needed is a Pre-approval which is based on documented proof of the applicants ability to qualify for the requested loan.