Comments on: What Is and What Is NOT a Pre-Approval http://sanmateomortgageblog.com/2009/05/san-mateo-mortgage-loan-pre-approval/ FHA, Teacher and Jumbo Loans for San Mateo Home Buyers Mon, 08 Feb 2010 17:26:24 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Chris Williamson http://sanmateomortgageblog.com/2009/05/san-mateo-mortgage-loan-pre-approval/comment-page-1/#comment-3818 Chris Williamson Mon, 24 Aug 2009 18:46:15 +0000 http://sanmateomortgageblog.com/?p=523#comment-3818 MortgageGuy: Thanks for your comment and I couldn't agree with you more. The other day a buyer came to me with a "Buyer's Certificate" from a big bank which they told him was a pre-approval letter. Of course, none of his income, assets or credit had been verified and they even refused to answer his questions about financing until he got into contract. But, because the buyer had no experience with getting a loan, they weren't aware that their certificate wasn't worth anything to a seller. As we're starting to see multiple offers in San Mateo County again, this certificate could've lost him a house he really wanted. MortgageGuy: Thanks for your comment and I couldn’t agree with you more.

The other day a buyer came to me with a “Buyer’s Certificate” from a big bank which they told him was a pre-approval letter. Of course, none of his income, assets or credit had been verified and they even refused to answer his questions about financing until he got into contract. But, because the buyer had no experience with getting a loan, they weren’t aware that their certificate wasn’t worth anything to a seller. As we’re starting to see multiple offers in San Mateo County again, this certificate could’ve lost him a house he really wanted.

]]> By: MortgageGuy http://sanmateomortgageblog.com/2009/05/san-mateo-mortgage-loan-pre-approval/comment-page-1/#comment-3106 MortgageGuy Fri, 05 Jun 2009 19:46:56 +0000 http://sanmateomortgageblog.com/?p=523#comment-3106 The pre-approval is only as good as the person that issued it. If they have no clue what they are doing they generally pre-approve everyone in hopes that some close. Good LO's know this is a waste of time. The pre-approval is only as good as the person that issued it. If they have no clue what they are doing they generally pre-approve everyone in hopes that some close.

Good LO’s know this is a waste of time.

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