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Number one mistake made when buying a home and needing a loan to do so! · Connor with Honor: AI, Real Estate and Real Life

• 0:00
  SPEAKER_00: As a real estate buyer, make sure you're getting all of the information gathered before you go out and look for properties, and also make sure that when you talk to that lender, the lender that you end up giving up your information to, make sure it's not just a phone qualification.
• 0:14
  SPEAKER_00: Make sure they dig into your records, look at all the information, look at all the paperwork they're requesting, make sure that they ask you for that.
• 0:20
  SPEAKER_00: There are some lenders out there that seem to be very busy and and they're so busy, in fact, they won't take the time to give you a really solid pre-approval, and they just gonna piecemeal it together over the telephone, just getting some numbers and and what you say, and then they'll fire off that letter for you showing that you're pre-approved for a home loan.
• 0:40
  SPEAKER_00: You know, if if if you feel comfortable with that, the issue with it is though, is there's a lot of cases that something's missed.
• 0:46
  SPEAKER_00: Maybe you're not aware of something reporting on your credit.
• 0:49
  SPEAKER_00: Maybe you actually have more debt than you can remember at the time of that phone call.
• 0:53
  SPEAKER_00: For whatever reason, maybe you won't be able to qualify for the amount that you're writing the offer for.
• 0:57
  SPEAKER_00: It's a hell of a thing to find out after you're in escrow two and a half, three weeks later, after you've paid all this money for the appraisal, you know, six, seven, eight hundred bucks.
• 1:05
  SPEAKER_00: You've paid money for home inspection, another six, seven, eight hundred bucks, depending, and you've spent some money maybe hiring various inspectors and and craftsmen to come out and look at the residents.
• 1:16
  SPEAKER_00: You've spent that money, you don't get it back, and then the lender tells you, my God, sorry about that, Stan.
• 1:21
  SPEAKER_00: You know, we should have ran the numbers a little closer, which you'll never hear them say, but they'll say, you know, I'm actually you can't qualify.
• 1:27
  SPEAKER_00: And if you're past the point of your contingencies being removed, then your deposit it could definitely be in jeopardy.
• 1:35
  SPEAKER_00: That's why whenever your agent gets ready and you have to remove your contingencies, which is gonna happen sometime in there, in some cases more sooner, in some cases later, depending on what you negotiated with that seller through your agent.
• 1:48
  SPEAKER_00: So make sure that's all explained.
• 1:49
  SPEAKER_00: But once you get down to that wire, they're gonna be forcing you, doing their best to force you to remove contingencies.
• 1:55
  SPEAKER_00: And if you don't have a solid word from your lender that you're approved or not, that could create havoc where you get forced to maybe remove contingencies.
• 2:02
  SPEAKER_00: You know, you might feel pressure, you might say, Oh my God, you know, I really want to keep the house, I don't want to lose it.
• 2:07
  SPEAKER_00: You got to be true to you.
• 2:08
  SPEAKER_00: You got that deposit in there, right?
• 2:10
  SPEAKER_00: You've talked to this lender, the lender says you're good to go, but they're not able to put it in writing for you to remove that contingency so you can actually get through that process.
• 2:19
  SPEAKER_00: There's a problem there, folks.
• 2:20
  SPEAKER_00: You need to find out from that lender why they're not giving you the full-blown approval in writing to remove those contingencies because they are doing the loan.
• 2:29
  SPEAKER_00: They should know whether or not it's going to finish or not.
• 2:32
  SPEAKER_00: Some lenders try to avoid this like the plague, and I don't understand it.
• 2:35
  SPEAKER_00: That's their job.
• 2:36
  SPEAKER_00: So they should be able to give you that qualification.
• 2:39
  SPEAKER_00: Don't take it over the phone.
• 2:40
  SPEAKER_00: Don't take your agent's word for it.
• 2:42
  SPEAKER_00: Please get it in writing.
• 2:43
  SPEAKER_00: And if your agent's talking to you, get all that in writing too.
• 2:46
  SPEAKER_00: It's super important.
• 2:46
  SPEAKER_00: Follow up everything in an email that'll keep you safe.
• 2:49
  SPEAKER_00: Connor with honor, Santa Cruito Openhouses.com.
• 2:51
  SPEAKER_00: See you in the next one.