Good morning. My name is Tom Heath with the Heath Team at Nova Home Loans. Today is August 31st and this is our weekly installment of Mortgage and Real Estate Matters.
This is just a friendly reminder to encourage your clients to get that pre-qualification letter in hand and solidified before you spend too much energy getting them out to look at properties. Given how competitive the market is, we understand you see a house that the client is interested in, you want to make an offer, they call for the pre-qualification and we do everything we can to make that happen for them.
I can just tell you that the the number of requests is significant. So it does mean we’re not doing the complete review of the file. We’re doing a more cursory review to get that out and get your offer in place. Given all the changes with COVID, especially for a self-employed borrower, we’re looking at income differently. We’re evaluating a person stability and their job differently since March and even more so since June and July because of the impact of COVID.
It’s really important that we get all the documentation, we understand exactly what’s happening, and we can make a strong case to the underwriter so we’re not causing delays once you’re under contract. So just another reminder and another way to emphasize with your clients that even though they know they’re well-qualified, it’s a good idea to get that second opinion through a professional just to make sure there’s no hurdles that are unanticipated because of the COVID crisis.
You have any questions don’t hesitate to give us a call. You can always head over to TheHeathTeam.com for more information about pre-qualifications, mortgages or anything else you’d like to know about us. Have a great day!