When it comes to home financing, there are plenty of misconceptions that can confuse borrowers. If you work for a Kansas City mortgage company, you should understand that first-time home buyers have many preconceived notions of the loan pre-approval and home buying process.
Obtaining a pre-approval letter from a lender does not mean the borrower is committed to working with that Kansas City mortgage company. This process just gives the mortgage company an opportunity to earn their business if they decide to work with them once they’ve chosen a home. If they are just getting a pre-approval, they won’t be required to sign anything that commits you to working with a particular individual. Many potential home buyers prefer to shop around and find the best deal.
It’s imperative for any home buyer to be honest about their finances. If your clients fib about their income, assets, debt or any other pertinent details, this should be a deal breaker for you. They should be upfront and direct about what properties they own, and any issues on their credit report. Without honesty, it will be impossible to get them approved or to trust that they will respect your relationship and pay their mortgage on time and in full.
In order to smoothly purchase a home, it’s important for clients to have a pre-approval letter before going shopping for their dream house. When home buyers do not know how much they can afford, it can be disastrous. For a Kansas City mortgage company, the pre-approval process gives you valuable information to determine how your borrowers should proceed. You will also get answers to important questions such as what they expect their monthly payment to be or what kind of interest rate they think they will attain.
Short-term real estate rentals have gained popularity in recent years and seem likely to maintain their appeal. Many travelers and tourists now seek out these properties as a cost-effective and interesting way to secure accommodations for a few days or weeks. Owning a short-term rental property as an investment is in many ways similar to […]
Putting a home into a trust may seem like an option reserved for older homeowners who have paid off their mortgage and have accumulated an estate, including assets such as a home, motor vehicles, various investments, boats, rental properties, furniture and even a vacation home. However, having a home that’s owned outright is not necessary […]
The start of a new year is often seen as the time to make major changes in life. While many people resolve to start hitting the gym, losing weight, reading more, or making a career change, others may decide to buy a new home in the coming months. That’s a great goal, one that can […]
