Having a pre-qualification letter just indicates that you discussed your financial situation with someone at the mortgage lender’s office. It indicates that you did not provide any documentation. And the lender didn’t verify any of the verbal information that you gave them.
It indicates that the lender merely considered the broader guidelines. And concluded that you are likely to be approved for a loan of up to a certain amount. Then the lender issued you a letter stating that they have pre-qualified your loan application.
COVID-19, the 100-year flu Pandemic, continues to severely impact our daily lives and economies around the Globe. Several clients and friends have asked about how it might affect the residential real estate market in months to come.
In this article, I will provide my best understanding of what is likely to occur in 2020 and 2021, based on the relevant factors and data. As you read it, be mindful that when it comes to COVID-19, we are dealing with many unknowns. What happens to different sectors of the economy will largely depend upon how well things are handled at various levels of our governments.
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In today’s competitive world of highly sophisticated consumers who have quick and easy access to as much information as they can soak up, most professionals in general and real estate salespeople and mortgage brokers in particular, face increased challenges. They must keep up with evolving technology, ever-changing consumption trends, and the rapidly altering preferences of their target audience.
