If yes, how do they do it?
2007-06-06 14:30:10 · 6 answers · asked by Belindita 5 in Business & Finance ➔ Renting & Real Estate
No. Realtors are not mortgage brokers. If they are, and they are trying to be both a realtor and a mortgage broker with you, then it's a pretty clear conflict of interest. But most of the Realtors you will encounter can not prequalify you. They are not license to do that.
But, not to confuse you, some agents do a prequalify buyers in a different way. They don't prequalify them for loans, but they will see if they qualify as a good lead, a good potential client. We normally try to find out if the buyer has a job, how long they have held it (if the answer is no job or little time at the job, it's a red flag that financing may be difficult), if they live in the area, or how soon are they moving, if they are working with a mortgage broker (if they aren't, we tell them to call one right away, there's no sense in wasting my gas and your time showing you homes that you can't afford or showing you homes that are below the price range you can actually buy in) we will ask if you are working with an agent, and we will ask you how your credit is, even though 90% of the time, we never get the truth.
This is the only time a Realtor will ever 'prequalify' a buyer and they only do it to make sure that you are serious and that they won't be wasting their time.
2007-06-06 14:45:53 · answer #1 · answered by pinkluxe 3 · 1⤊ 0⤋
As a real estate agent, I do not pre-qualify buyers. That is the job of a lender/mortgage broker. However, I require that potential buyers be prequalified before I start showing them properties.
2007-06-06 15:08:19 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
No, in some states it is illegal for an agent to do both. You might find one who give you a ballpark estimate, but any realtor who offers to get you financing you should RUN from because it's a conflict of interest--they make a commission selling you the house, so if your loan isn't the best one for you, they won't necessarily care once the deal is closed and there you are stuck with a crappy loan.
Go to a bank, a mortgage broker or a mortgage bank (different than regular bank, often give you better terms because it is their money and they can take higher margins and take a risk on you where other lenders might not).
2007-06-06 14:32:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Realtors usually do not prequalify you but they will be able to set you up with mortgage lenders that do.. here is a site with some great home buyer tips i think they will help...
http://www.danagardner.com/PageManager/Default.aspx/PageID=1998846
good luck
2007-06-06 19:40:26 · answer #4 · answered by Pure Genius 3 · 0⤊ 0⤋
No, the mortgage lender does. They'll look at your income, any investments you have, current debts, and "potential debt" (i.e. the # of credit cards you own, even if they have 0 balance, are potential debts). By doing so they'll help you determine how much of a mortgage you can afford, and prequalify you for a loan amount. This does not mean that you have to borrow that much, it just gives you a ceiling.
2007-06-06 14:40:02 · answer #5 · answered by justme 6 · 0⤊ 0⤋
Yes they can, you just ahve to find the house you want, take info to the Agent, and they can work with the seller & lender to get you pre-qaul'd
2007-06-06 14:34:25 · answer #6 · answered by back2skewl 5 · 0⤊ 0⤋