“I have a letter from a mortgage broker saying I’m pre-qualified. Is that sufficient to show a seller that I’m qualified when I make an offer?”
***ANSWER:
Per the conversation you read in the top section of this week’s Q&A, a pre-qualification or pre-approval is only as good as the loan rep that gives it.
From personal experience, I’ve found that only 50% the loan brokers I’ve dealt with are honest and know what they’re doing. The other 50% are the ones that scare me. And unfortunately, the bad ones don’t tell you who they are.
Because of this, the sharper, more experienced agents aren’t satisfied with a letter from a mortgage broker they don’t know, and prefer to have a lender they do know double-check the buyer’s qualifications.
That’s what I do. I don’t know what your seller or their agent will do…
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