Monday, July 23, 2012

Pre-approved Buyers: Disaster-Proof Your Deal

A constriction in mortgage product offerings and the ongoing effects of the credit crunch have radically changed our business.

It's not all doom and gloom. There is still plenty of money available to creditworthy borrowers. But lender guidelines have tightened significantly, and the days of easy credit with no down payment and no documentation are all but over.

With this in mind, it's more important than ever for homebuyers to get pre-approved – not pre-qualified – in order to avoid the kind of painful last-minute surprises that can blow up deals.

With actual written documentation that proves the full support of a lender, pre-approved borrowers represent less risk to sellers and the Realtor. Of course, there is no way to guarantee a flawless transaction every time. But, by working together to bring pre-approved borrowers to the marketplace, we can preempt the major challenges and create a great experience for everyone involved.

If you have any questions about this or any stage of the mortgage process, please don't hesitate to call.

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