Want to help buyers get preapproved for a loan? Try these 3 ways

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11/25/2015 | Author: Editorial Staff

A preapproval letter can mean the difference between a smooth transaction and one with delays and snags along the way. But some buyers may not know what a preapproval letter is or how to get one.

Here are three ways to guide your clients through the preapproval process:

  1. Explain the difference between preapproval and prequalification. Preapproval is a more in-depth process and can help a buyer present a stronger offer.
  2. Prepare them for loan questions before you view properties. Talk with your buyers about what information a loan officer may request—like paystubs, bank records, or tax records—so they can start collecting their documents early.
  3. Stay in touch. Ask the loan officer if he or she sees any potential issues that may affect your client’s offer, and encourage your buyer to check in with the loan officer regularly, even if it’s just for a status report.

Categories: Business tips, Buyers
Tags: buyers, texas realtor magazine, magazine


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The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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