Banks sometimes lie…
I had been warned by my managing broker when I first got into the industry. I took note and was careful to advise all my clients of this. What is it you say?
See, everyone knows that it would be a good idea to get a mortgage pre-approval and pre-qualification prior to searching for a home with their Realtor.
A mortgage pre-qualification is just a preliminary assessment of a borrower's financial position. This can often be done on the phone and the bank or lender just needs to know the borrower's overall condition. A mortgage pre-approval is more in-depth and requires financial statements to be provided to the bank or lender and would require the borrower to fill out a credit application so the bank or lender can assess the borrower credit situation.
But, how many people know that the mortgage pre-approval or pre-qualification doesn't guarantee the bank will lend to you?
What do you mean, Gary?
That's right. First of all, when the bank or lender says they'll lend X amount of money for your purchase, you MUST make sure that this pre-approval or pre-qualification be given to you in WRITING. A verbal commitment is as good as hearsay.
The post When Getting A Mortgage, Don't Trust Lenders Unless They Do THIS appeared first on Vancouver's #1 Family Real Estate Homes, Houses, And Condos For Sale | Gary Wong Realty.
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