During: Buying Process Overview: Pre-Showings: Qualify with Lender
Qualify with Lender is all about lining up your financing for your next purchase. You can skip this step if you’re paying cash for your property, but you’ll want to be prepared with proof of funds instead. It is the first step in the Pre-Showings process.
The Qualify with Lender process is shown below.
ASAPFinancingPre-ShowingsPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2
You're welcome to use whichever Lender you choose (from the Real Estate Broker's recommendations or your own), however... you should realize that making sure your Lender performs if your responsibility.
In other words, if your Lender does not show up on the day of closing with the money for whatever reason, you are still in default on the "Contract to Buy and Sell Real Estate" (not your Lender) and you are at risk of losing your Earnest Money (and specific performance in the unlikely event that box is checked on the "Contract to Buy and Sell Real Estate"). Another way of saying this is: your Lender is not a party to the "Contract to Buy and Sell Real Estate" and so they have no consequences in the "Contract to Buy and Sell Real Estate" if they don't perform.
So, consider "testing" a new Lender carefully.
ASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2
Ask your Real Estate Broker for recommendations.
Mark complete once you've talked to 3 Lenders of if you've already decided which Lender you plan to use.
ASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2
You can ask your Real Estate Broker for recommendations.
Mark this task complete once you've decided on a Lender to use.
Analyzing DealsASAPDream TeamDream Team - Pre-ClosingFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2
Some people will opt to get quotes from multiple lenders. If you're going to do this, compare everyone on the same day so the rate is the same.
Also, have the Lender you think is most likely to be the one you'll go with pull your credit and then tell the other Lenders you're comparing what your credit score is. If you decide to go with them, you'll let them pull your credit then.
Your ultimate goal at this point is to get a pre-approval letter for the max amount you qualify for.
If you need a recommendation for a Lender ask your Real Estate Broker.
Mark this task complete once you've applied for a loan and been approved with the Lender you plan to use.
ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54
ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54
You'll want to use this when you start to analyze properties using Brian's Spreadsheet.
ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54
ASAPFinancingPre-Showings: Qualify with LenderUltimate Nomad ChecklistWeek 2Week 54
Once you’ve qualified with your lender, you can move on to getting a Pre-Approval Letter.
Improvements
The following are improvements I plan to make to this page based on some of my Standard Process Improvement Questions.
- Consider making dynamic process charts.
- Sponsor Read "Facebook Ads for Real Estate Agent and Lender Sponsors"
Read the "Facebook Ads for Real Estate Agent and Lender Sponsors" blog post on
https://RealEstateFinancialPlanner.com/facebook-ads-for-real-estate-agent-and-lender-sponsors/
- Sponsor Read "100 Ways to Get a Nomad Client in the Next 12 Months"
Read the "100 Ways to Get a Nomad Client in the Next 12 Months" blog post on
https://RealEstateFinancialPlanner.com/100-ways-to-get-a-nomad-client-in-the-next-12-months/
FacebookFor Real Estate AgentsMarketingMeetupMeetup SetupSponsors
- Sponsor Read "Prepare for Investor Meeting Checklist"
Read the "Prepare for Investor Meeting Checklist" blog post on
https://RealEstateFinancialPlanner.com/prepare-for-investor-meeting-checklist/
- Sponsor Read "At Investor Meeting Checklist"
Read the "At Investor Meeting Checklist" blog post on
https://RealEstateFinancialPlanner.com/at-investor-meeting-checklist/
- Sponsor Read "Before for Real Estate Agents"
Read the "Before for Real Estate Agents" blog post on
- Sponsor Read "During for Real Estate Agents"
Read the "During for Real Estate Agents" blog post on
- Sponsor Read "After for Real Estate Agents"
Read the "After for Real Estate Agents" blog post on
- Sponsor Read "Lease Option Ad for Property Listed in MLS for Clients"
Read the "Lease Option Ad for Property Listed in MLS for Clients" blog post on
https://RealEstateFinancialPlanner.com/lease-option-ad-for-property-listed-in-mls-for-clients/
CraigsListFor LendersFor Real Estate AgentsLease-OptionMarketingSponsors
- Sponsor Read "Standard Process Improvement Questions"
Read the "Standard Process Improvement Questions" blog post on
https://RealEstateFinancialPlanner.com/standard-process-improvement-questions/
IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.