Realtor Loan
Must I disclose details of my pre-qualifying for a mortgage to my realtor?
(That she has asked me to call my lender asked me about the points, and rate and I have qualified for) I can think of some advantages and disadvantages of disclosrue of this info ….
Okay. First things first. Have you signed Buyer Representation paperwork with this agent? If you do so well! you should share your information. Not all the small details information, mind you. But at least dollar amount you qualify for. Realtors do not want to waste anyone's time – it's a very expensive product, we can scarce afford to lose, much less waste! Any estate worth their salt will want you to be qualified. This is a professional company. You'll have to prove qualifications to your representative / agent before they will allow themselves to invest their time and energy to you and your property-related hunting. When I go on a new client, I would like to know their qualification status: I ask for a pre-approval letter. Are they currently deal with a lender? If yes, who? Do they have documentation regarding their financial ability of the company? Most home buyers know they should get a mortgage pre-approval letter from a lender before they begin seriously shopping for a home. With this letter by hand, there is every realtor / agent needs to know. They should know that you are qualified. When I go on a new client if they are pre-approved, awesome! If not then I would recommend them to contact a local lender to see what amount they are qualified. I do not ask their financial statistics. I have other things to do with my time is not my niche area of expertise. I help to buy, sell, lease, rental and / or manage properties. Not get my client to their home loans. That I leave it to the mortgage experts. Especially in this market. Figures, loans and subprime updates changing as we write …. It is best left to experts. They can provide me with documented proof of the buyer's ability to qualify and pay for a loan. So we are okay to buy if they are ready & Willing — First when the lender lets us know that they are capable of. Unless they buy CA $ H. So the second story! Now remember, not all licensed real estate agent is a licensed realtor. Realtors meet another standard / code of ethics. We belong to organizations that will hopefully allow us to perform in the ideal. I know I strive to every day as I wear my 'R' logo with pride. So again: If you have documentation in the form of representation, why not?! If not then it's your privilege. By the way, if you have not signed the agency with this agent so remember the technical work for the sellers, not you. A Buyer's Agent is free. They are paid when you buy a home and deal closes. Their compensation has already been negotiated with the seller via the seller's agent, they receive a predetermined portion of the commission. Get a buyer's agent as soon as possible if you have to do with the seller's estate agent, meaning their name / face is on the plate. You want someone who represents you. And your interest. Someone who has a fiduciary duty commitment to one another. You come first and your interests come first. Good luck my friend. Get representation. And an impartial lawyer.