By Dave Wipert
The loan process can be a painful one for your clients, but it doesn’t need to be. It all starts with knowing how much your clients can afford. Seems like an easy task, right? Well, it can be more complicated than one might think.
The Loan Officer collects your client’s documentation that supports their income and assets, pulls credit, and assess their overall credit profile to determine what they can afford. It can be tricky for some who have income from many different sources and/or have partnerships, corporations, several properties, etc. This is why is important to understand the difference between a Pre-Qual and a Pre-Approval. Read more