Want to help buyers get preapproved for a loan? Try these 3 ways
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:
- Explain the difference between preapproval and prequalification. Preapproval is a more in-depth process and can help a buyer present a stronger offer.
- 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.
- 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.
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