Why are people terrified of pre-qualifying for a home loan ?
Why are people terrified of pre-qualifying for a home loan ?
By Mariness Chata , Real Estate Broker
If you feel intimidated by the loan officer that you are talking to , chances are that he / she is not a good fit for you .
I
have been working with buyers since 1990 and frequently , buyers take a long time to get pre-approved for a loan . I have always wondered , why would anyone hold back from speaking to a lender and getting that letter that will allow them to buy the house they are looking for ? Unfortunately , most of us do not have enough cash to purchase a home without a loan , so we have to find someone to lend us the money . Being on the other side of the spectrum , I did not realize that buyers are afraid ( whether it is marginal or really strong ) of speaking to lenders and sharing everything about their financial situation . Yes , it can be a bit intimidating to let someone else know how much money we have , where our money is located , and how many bills we pay . However , it is important to remember that lenders are bound by strict privacy laws that prohibit them from sharing and even talking about the details of your situation with others , including your Realtor . Some clients imagine the mortgage loan officer as a judge . They hear your case and decide whether you are guilty or not . It could not be further from reality . Any good mortgage lender is on your side and working for you to assess your current financial situation and give you all the options available . Their job is to let you know what your buying options are and how to adjust your finances to get a better rate and ultimately , buy the home you and your family are looking for . If you feel intimidated by the loan officer that you are talking to , chances are that he / she is not a good fit for you . Just as your Realtor , the loan officer must make you feel comfortable and as if you are in good hands . You should bring your concerns to your Realtor ’ s attention , or look for someone else that gives you a greater sense of security . After all , this is an important step and you must have the right people working for you . Thinking about buying or selling a home ? For over 20 years I have been helping families with all their real estate needs . I am never too busy for you ! Free MLS Home Search at http :// www . marinesschata . com / Call or text me at any time at ( 661 ) 317-3332
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