The Real Deal
Jan 26 2010, 07:01 PM
Hello all,
Do you help your t/b's get prequalified for a loan through a loan officer to see if they
are on track to being able to obtain financing at the end of the lease term? If so, do
you have them prequalify before moving in? If you don't prequalify what is your reason
for not doing so?
MichaelC
Jan 26 2010, 07:16 PM
I do not assist t/b's become prequalified for a mortgage. For one thing, prequalifying is a myth, especially when talking about a closing that might take place a year down the road. Between now and then, much can happen to affect someone's ability to obtain financing.
Instead, I recommend to the t/b that they start their search for financing as soon as they settle in. I urge them not to wait until week 50 of a 52 week lease. I tell them I can point them to a mortgage broker or two who might be able to help them. But the rest is up to them. They are adults, and I treat them as such.