The Mortgage Lender’s Role

How does my mortgage lender help when I am preparing my offer?

Isn’t that the agents job?

If you’ve gone through the mortgage process in the past or if you are a first timer, you will agree that there can be a lot of stress that goes along with finally making the offer on your dream house. I find the familiar Carpenters adage very helpful: Measure Twice and Cut Once!

In the past, I have stressed the importance of obtaining your financial documents up front, so that we are on the same page and we’ll already have most of the information we need to process your application once you do find your dream home.

So assuming you have already done the behind the scenes legwork to get a pre-approval, isn’t that enough?

No!! I always recommend that you do everything you can to get your offer accepted and make the process easy!

Here’s a few quick steps as to how a professional like myself can help you better understand the buying process and secure the home of your dreams:

It is important to double check all the numbers prior to making an offer!!

The answer as to why is two-fold. With such a major investment it is critical to understand the variables that go into your final mortgage payment, and final cash to close. It is also essential to understand what documents you will need to gather as soon as our offer is accepted. My team and I always go the extra mile by double checking the public record for property tax rates, giving you a daily or even hourly mortgage rate market update, double checking home owner’s association fees, and checking for reoccurring assessments. All of these items are critical to your finals and you quite frankly need to know at this stage in the game.

Secondly, after double checking your numbers, it is a good idea to ask us to update your pre-approval and specifically note the address of the property you are offering on, the amount you qualify for, and the current date. This shows the listing agent that you have put your ducks in a row and talked to your lender the same day that you are making an offer. It truly shows that you are prepared and ready to move forward.

I am prepared, what else can I ask my lender to do?

With your permission and a discussion with your buyer’s agent, we will typically dial the listing agent to make sure they have received our pre-approval letter and that they understand how you have taken all the steps you need to, and all you truly need to do is plug a property in to the equation and move forward. In a locally driven market this can be especially important as many listing agents look beyond just the approval letter. An astute listing agent will consider the behavior of the lender, the reputation of the mortgage company, and their impression of the individual loan officer prior to advising their sellers as to how to proceed. Keep in mind we will never share any sensitive information or items you are uncomfortable discussing with the seller, but we do want to let the other side know how forthcoming you have been with the approval process and how ready you are to move forward as soon as they sign!!

The seller and I are not on the same page, what next?

Certainly the final decision about price and mortgage program are in your hands, however don’t feel like you have to make snap decisions on your own. If you are in a counter offer and renegotiation reach back out to us and we will show you how small variations in down-payment and final price will affect your bottom line. We can also place an additional call to the listing agent to remind them that we are ready on the financing side to move as quickly as possible to appease their seller.

Finding the best house and getting your offer accepted truly takes a whole team approach. We would be honored to share more insights and help you take the next step.

If you have questions about the information included in this post, or have specific questions regarding your financial situation contact me directly:

Michael Fischer

Cell TXT: (734) 395-7797
Click to Apply Online Anywhere Anytime: https://mfischer.rossmortgage.com/
Mortgage Loan Originator
NMLS# 658153

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Todd Waller Real Estate
Local Business: Todd Waller
Description: Todd Waller, a self described "destroyer of the real estate fortress of suckitude," focuses on helping sellers and buyers in Ann Arbor, Canton, Livonia, Northville, Novi, South Lyon, Plymouth, and Ypsilanti
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Location: 2655 Plymouth Road Ann Arbor MI 48105
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Phone: 734.564.7465