Jenny Wolfes San Jose - Financial Secrets - How Much Do You Disclose To Your Broker

1. Jenny Wolfes San Jose - Financial Secrets: How Much Do You Disclose To Your Broker When you make that first visit a real estate broker, you will be asked: Have you been to the bank”? Or have you talked to a mortgage broker? It’s surprising how many people reply defensively: Why are you asking? I have the money! Perhaps these perspective clients think the question is too personal and not part of the real estate equation or that the real estate broker is somehow judging their self-worth. Quite the contrary. Real estate brokers must be asking this question and they need to know the answer for many reasons. Many professionals like Jenny Wolfes San Jose says that, financing is certainly a part of the real estate equation and a pre-approval is a very important document to have if you are shopping for a property. The Benefits Of Getting A Pre-approval: Understanding your financial potential has to be the first step to exploring a new real estate possibility. It’s important you know exactly how much the bank is willing to lend you so that you don’t waste your own or the seller’s time. Some properties won’t allow visits unless the prospective buyer has a pre- approval. And, if you get to the point of making an offer, a pre-approval can give you an edge if there are in a multiple offer situation. A pre-approval locks you in at a particular interest rate for a period of time – very handy if rates go up. And you aren’t left guessing or topping up with extra funds because you know ahead of time that the money is there. Real Estate Brokers Deal With The Numbers Everyday:

2. Your real estate broker fills out a mandatory section in the promise to purchase that is all about the financial part of the deal. This states how much of a down payment you will put down, the mortgage amount, the interest rate, the term length and amortization length. When the offer has been accepted, your broker then calls your bank or mortgage broker so they may pass on all the necessary paperwork to get the final mortgage approval. You need to embrace the fact that real estate brokers are there to take care of you and your money. Don’t take offence when the ask financial questions and disclose what they need. You need not to share any information beyond what is needed as also preferred by experts like Jenny Wolfes San Jose. Your bank will take care of the rest.