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Preapproved? Think Again
It turns out that you sometimes really aren't qualified to buy that =
house.
By Anne Kates Smith, Senior Associate Editor
From Kiplinger's Personal Finance magazine, August 2007
Amid slow markets and tightened credit, some real estate agents, loan=20
officers and mortgage brokers mislead home buyers by letting them =
believe=20
that they've qualified for a loan (preapproval), when they've actually=20
received only an estimate of what they can afford (prequalification). =
Such=20
ethically challenged representatives assume that they can find the buyer =
a=20
loan later. But when they can't, the frustrated buyer and seller find=20
they've wasted time and money on a deal that was dead on arrival.
In Cincinnati, mortgage broker Johnathan Barber says that if obtaining a =
preapproval seems too easy to be true, it probably is. To obtain a bona =
fide=20
preapproval, you must submit a loan application with the necessary=20
do***entation and fee. After the lender verifies and analyzes your=20
application, it will notify you of the maximum monthly mortgage payment =
for=20
which you qualify. Armed with the preapproval, you'll enjoy greater=20
credibility with sellers. You can continue shopping for a better loan if =
you=20
like.
First-time buyer Lenore Covington, 34, began to shop for a home in=20
Cincinnati for herself and her two children, L'Kya, 14, and Ricoe, 5, =
only=20
after obtaining a preapproval from Barber. She's confident that she's=20
looking only at houses she can really afford.
Sellers can protect themselves by hiring an experienced real estate =
agent=20
who can sniff out a dubious prospect and dog the process between =
acceptance=20
of an offer and closing.
http://www.whitebinder.com/article/812669/microsoft-money/johnathan-barbe=
r-preapproved.aspx
www.johnathanbarber.com
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<DIV><FONT face=3DArial size=3D2><SPAN=20
id=3Dctl00_mContentCenterColumn_mArticleText><FONT face=3D"Times New =
Roman"=20
size=3D3>Preapproved? Think Again<BR>It turns out that you sometimes =
really aren't=20
qualified to buy that house.<BR>By Anne Kates Smith, Senior Associate=20
Editor<BR>From Kiplinger's Personal Finance magazine, August=20
2007<BR><BR><BR>Amid slow markets and tightened credit, some real estate =
agents,=20
loan <BR>officers and mortgage brokers mislead home buyers by letting =
them=20
believe <BR>that they've qualified for a loan (preapproval), when =
they've=20
actually <BR>received only an estimate of what they can afford=20
(prequalification). Such <BR>ethically challenged representatives assume =
that=20
they can find the buyer a <BR>loan later. But when they can't, the =
frustrated=20
buyer and seller find <BR>they've wasted time and money on a deal that =
was dead=20
on arrival.<BR><BR><BR>In Cincinnati, mortgage broker Johnathan Barber =
says that=20
if obtaining a <BR>preapproval seems too easy to be true, it probably =
is. To=20
obtain a bona fide <BR>preapproval, you must submit a loan application =
with the=20
necessary <BR>do***entation and fee. After the lender verifies and =
analyzes your=20
<BR>application, it will notify you of the maximum monthly mortgage =
payment for=20
<BR>which you qualify. Armed with the preapproval, you'll enjoy greater=20
<BR>credibility with sellers. You can continue shopping for a better =
loan if you=20
<BR>like.<BR><BR><BR>First-time buyer Lenore Covington, 34, began to =
shop for a=20
home in <BR>Cincinnati for herself and her two children, L'Kya, 14, and =
Ricoe,=20
5, only <BR>after obtaining a preapproval from Barber. She's confident =
that=20
she's <BR>looking only at houses she can really =
afford.<BR><BR><BR>Sellers can=20
protect themselves by hiring an experienced real estate agent <BR>who =
can sniff=20
out a dubious prospect and dog the process between acceptance <BR>of an =
offer=20
and closing.</FONT><BR></SPAN></FONT></DIV>
<DIV><FONT face=3DArial size=3D2><SPAN><A=20
href=3D"http://www.whitebinder.com/article/812669/microsoft-money/johnath=
an-barber-preapproved.aspx">http://www.whitebinder.com/article/812669/mic=
rosoft-money/johnathan-barber-preapproved.aspx</A></SPAN></FONT></DIV>
<DIV><FONT face=3DArial size=3D2><SPAN><A=20
href=3D"http://www.johnathanbarber.com/">www.johnathanbarber.com</A></SPA=
N></FONT></DIV>
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