Now and Later

Some loan officers, rookie ones, will take any and all loan applications they can, package them up and ship it off to their underwriter to essentially see if there’s any possible chance the loan can be approved. This really happens. When a potential borrower applies for a mortgage loan, a loan officer can smile, take [...]

Sometimes You Just Wanna Know

You’ve been in this situation before or know someone who has, right? A seller accepts an offer and just a few days away from closing the attorney calls and says he doesn’t yet have the closing papers. After a couple of phone calls you find out that the deal fell through; the buyer didn’t qualify [...]

Talk to My Lender

As a listing agent, you know what to expect when an offer is presented. You review the offer with your clients, perhaps counter or accept it as written, and set a closing date. You notice your buyers have a letter from their mortgage company stating their application has been received, reviewed and pre-approved. But sometimes [...]

What’s That Letter Say?

You know you’ve seen one.  A preapproval letter given to you by the buyer’s agent proving, or attempting to prove, that the buyer is qualified and has applied for a mortgage to buy your client’s Trump Tower condo.  But you’re a little suspicious.  Or should you be?  What can you look for in a preapproval [...]