Minnesota Mortgage Blog

Lets face it time is your money. The more clients you can manage, the more successful you will be. Actually, let's modify that: The more serious, qualified clients you can manage, the more successful you will be. If you are spending time with prospective homebuyers who turn out to be unable to qualify for a home loan, you are wasting your time and losing out on income.
 
Protect Your Time and Resources
Working with preapproved buyers is the best way to ensure you are putting all your energy into clients who are likely to follow through – and who are capable of following through – on a purchase. Having a trusted mortgage lender partner who provides free preapprovals to all your prospective buyers is crucial to ensuring you are focusing on the right clients and managing your time in a way that will maximize your profits.
 
Prequalification vs. Preapproval
There is a big difference between prequalification and preapproval. With a prequalification, the lender makes a cursory examination of the prospective borrower's finances to estimate how much money the client may qualify for. Preapproval, on the other hand, is actually an extensive process during which the mortgage lender examines the client's debt, income, savings, assets and credit report to ensure the borrower can repay the loan. In essence, preapproval states that the prospective buyer is qualified for and would definitely be approved for a loan. Buyers who take the time to go through the process are serious buyers; buyers who are preapproved are qualified buyers. These are the people you want to spend your time helping.
 
Making Your Offer Count
In addition to ensuring your client can purchase a home, preapproval also helps you guide them to the homes they can actually afford by letting you know what their budget will be. Plus, an offer from a preapproved client will be taken much more seriously by sellers, as they can see that the buyer is qualified for and can receive the loan to follow through on the offer. The mortgage lender provides the client with a letter stating the dollar amount the client is preapproved for, which you can add to the purchase offer.
 
Getting Preapproved
I offer free preapprovals to any prospective homebuyer who is serious about buying a new home. As a professional loan originator, I can work with our mutual clients to review their assets and debts, explain their options and help them decide on a price range they can afford and that they are comfortable with. It is my goal to provide our client with information to help them make an informed decision, and to help ensure you are focusing on the warm leads that will turn into homebuyers.
 
A great way to maximize your time and capture leads while they're hot is to invite your trusted loan originator partner to your open houses. The preapproval process can start immediately and you can see which attendees are serious about purchasing in the near future.
 
Call me today to discuss how I can help you maximize your profits and grow your business by ensuring you are dealing with preapproved, serious buyers.

Take Care,

Jamie Larkin - Mortgage Advisor

jamie@jamielarkin.com