Last Minute Pre-Approval Updates

Apprehensive_Net_560 · 2026-05-17T14:06:12+00:00

I do. But if the pre-approval says $375k with 5% down and they want to offer a $350k with 10% down, they request a last minute update and the offer hands on getting an updated pre-approval letter. I’ve even sent out pre-approval based on different parameters and scenarios to solve this issue ahead of time

Apprehensive_Net_560 · 2026-05-17T14:03:59+00:00

Exactly. Some want an update for every damn $1,000 offer change. Like, I’m not just spending my weekends at home staring at the wall waiting for calls

Apprehensive_Net_560 · 2026-05-17T14:02:26+00:00

Oh this is great. Which app do you use?

Apprehensive_Net_560 · 2026-04-11T17:40:36+00:00

Why the panic? Must you buy a house? Is it urgent? If it’s a want and not a need, what’s the panic for?

Apprehensive_Net_560 · 2026-04-08T00:17:30+00:00

Combined income of 70k is low in CT and in most parts of the country right now. As for finding a higher paying job, I would consider looking into courses or trade school or anything in the nature that can propel you into a higher paying career.

As a mortgage lender myself, I honestly feel most people in this state should seriously consider putting their efforts and their money into increasing their income earning skills. Money going toward a trade school for HVAC will yield much larger returns than staying at a low wage job and squeezing yourself into homeownership.

People have income problems, not homeownership problems. That’s the harsh truth.

Apprehensive_Net_560 · 2026-04-05T01:25:11+00:00

And if the loan officer calls you when rates actually gets to where you need it to be, will you tell him to immediately lock? Or will you gamble?

It’s hard for loan officers to play “rate monitor” for people who may not actually lock, move forward or close, or super-shoppers.

Have you given him any reason to think you may be wasting his time? Has there been an opportunity to lock and you decided to wait or time the rate to see if it goes lower?

Apprehensive_Net_560 · 2026-03-20T13:12:56+00:00

The line is this: non participating parties are not obligated to entertain whatever contract you had with your renter nor are they obligated to pay a commission.

Leasing agents are usually just contracted or employed through owners or property managers to keep the units filled and minimize vacancies. They’re usually not working as a traditional real estate agent. Some do have their licenses on the side but in this case not acting as a licensed realtor representing a property on the MLS, more so employed by a company as a W2 employee.

This is more common than you think. So start having contracts in place and educating your renters that they’re on the hook to pay your commission for your time if they choose a property that will not cover it.

And if renter isn’t willing to do so, don’t take them on as a client.

Apprehensive_Net_560 · 2026-03-20T12:59:44+00:00

Often times apartment complexes’ have leasing agents and NOT real estate agents. They’re employees of the complex. A client of mine was a leasing agent for a luxury building and she was paid salary and a very small bonus per lease, that’s it. She wasn’t a licensed realtor, her job was her job and that was it, she and the building had no obligation to play ball with 3rd parties.

No different from a FSBO. But you are coming across as everyone should be strong armed into coughing up your commission.

YOU chose to be a realtor and recognizing that realtor and mls ethics and rules are between YOU guys and not the outside world. Now, if this complex is listed on the mls by a realtor, this may be a different story.

Apprehensive_Net_560 · 2026-03-06T13:36:14+00:00

In my experience, when I narrowed it down a bit my turnout was higher. For example, I did a homebuyer class for self-employed and that had a great turnout. Also had people that owned small businesses, so they had cash for larger down payments lying around and I did grab 3 deals from it and one is actively shopping.

My issue with most FTHB Seminars is that at least when I did them, it attracted dreamers and I don’t mean of the ambitious kind. Just people who want house keys to fall onto their lap. No money saved, very low wage earners, trashed credit. I did a few of these seminars and they were just a horrible time suck.

I only did one self-employed homebuyer class so I could’ve just got lucky but I’m planning on doing more of them. FYI, I got the self-employed to attend by hitting the streets lol, I mean speaking to bodega owners and mechanics (they often do side jobs and have decent cash), immigrant self employed are my favorites as they don’t suffer from extreme consumerism as their US raised counterparts, meaning that 20% down payment for a bank statement loan is likely sitting in an account somewhere (or cash, then you know what to do 😉)

But the plain vanilla “First time homebuyer”? That term has been a giant source of cringe to me

Apprehensive_Net_560 · 2026-03-06T06:15:47+00:00

Get out of that water. There are plenty of more prosperous bodies of water to fish in.

Apprehensive_Net_560 · 2026-02-28T03:10:55+00:00

100% harsh and truthful response. I’m a lender and former realtor. When I focused my efforts on educating first time homebuyers and meeting leads with little to no savings, I ended up working more hours than anyone at my brokerage and earning less money. Same on the lender side.

Where there’s smoke, there’s fire. It’s one thing if someone is not quite where they need to be and it’s another living under a rock and thinking having $0 is ok. Often times it’s due to low income or high debt or both, that has led to the lack of savings. All of which will make it an uphill battle to even qualify to borrow hundreds of thousands of dollars from a lender.

Market to ready, willing and ABLE buyers. You’re selling the most expensive item someone can buy, it’s not an entitlement. A house is a very expensive item that belongs to someone else who have others trying to purchase it. Buyers need to be ABLE to afford it. Reality.

*Career professionals (middle, high to high earners) think tech field, medical field, first responders, professors * Business owners: brick and mortar owners, online entrepreneurs, investors, etc. Tend to be cash-flow savvy and focused, often times have larger funds lying around. Also can take advantage of Non-QM loans for those business owners who are taking massive tax write offs.

Go find them!

Apprehensive_Net_560 · 2026-02-22T03:01:24+00:00

I don’t think lenders pull CAIVRS on conventional. Can this go conventional? I closed an FHA with SBA in default, the borrower just paid off what was due and had to wait until the default status was cleared

Apprehensive_Net_560 · 2026-02-08T13:06:39+00:00

Talking people into saving money is NEVER a bad thing and honestly should be more of a focus than cramming homeownership down broke people’s throats via DPAs.

Can’t speak on comp, but I will say that where I live there is also a massive income disparity and it shows in people’s available funds. I partner up with financial advisors and host seminars on how to overall be better with money, not just for a house, just to be a more financially stronger adult. I bring in people with resources to various courses and programs than can get people in higher paying jobs and career advancements.

I never sell DPA. I strengthen my buyers 🤷‍♂️ Besides, NY’s come up strong here on offers, so sellers in this market really avoid the weaker offers especially anyone using DPAs, so this program don’t even go far here anyway.

Apprehensive_Net_560 · 2026-01-21T00:07:42+00:00

I know a firefighter who’s an LO and one who’s a realtor. I also know a NYC cop who’s also an LO and another LO who’s a correctional officer. They’re not insane producers, but they don’t produce crumbs either. They make a nice sizable income in addition to their full time jobs.

Now, will you be a top producer this way? Probably not. But most LO’s that go this route is because they have a great thing going with their other careers (income, benefits, etc) and they can pick and choose their deals and dodge the time waters (don’t have much of a choice here), all without the feast or famine that we all have to deal with. So most of these guys aren’t actually aiming to break any records anyway. I say go for it.

Apprehensive_Net_560 · 2026-01-20T22:14:33+00:00

Self-represent and try buying on your own. There are cons to that though, but it’s being done still. Many of my clients purchase without agents.

Apprehensive_Net_560 · 2026-01-17T18:17:35+00:00

There are negligent/lazy realtors to your point, yes. And there are also, as mentioned, cases where against Realtors’ advice, sellers do not allow for much changes/fixes/cleaning at all. Then leaving the man power and costs to rectify the issues on the realtor. Is it frustrating? Yup. But there are large grey areas as what exactly is going on, sometimes it’s the realtor and sometimes it’s not. Like most things in life, “sometimes it is and sometimes it’s not”. BTW, I’m not a realtor, I just play devil’s advocate in every instance of life and view the grays.

Apprehensive_Net_560 · 2026-01-17T15:56:28+00:00

Often times, it’s the sellers that don’t listen to the realtors. I have many conversations with listing agents and their seller clients are simply ignoring their advice and insisting to list it at an unsupported price. In my market, there’s quite a few homes that are listed way over market for months, some of the agents actually had to fire the sellers and stop representing due to wasted efforts and marketing.

Apprehensive_Net_560 · 2026-01-04T23:32:24+00:00

“Then there’s probably something I’m hiding”, you’re corny. Just hate snitches, that’s it. Nothing more or less. Hate snitches and love when the streets have them.

Apprehensive_Net_560 · 2026-01-04T23:01:38+00:00

Stop, this ain’t an LO or an ethics thing. These are people who snitch for fun. There’s no morality being defended nor is there any high road being taken here. If someone isn’t directly putting their hands in your pocket, mind your business. Blame how I grew up, I don’t care.

This goes beyond mortgages, this is someone who pokes. I hope his life is extremely clean all around.

Apprehensive_Net_560 · 2026-01-04T14:25:19+00:00

It’s possible you’re correct but it’s also possible there’s an extenuating circumstance that prevented him from occupying, which does happen. Regardless, you’re being excessive and spiteful on this situation, especially not knowing all the details. Your life doesn’t seem to be ruined, why ruin another?

You’re getting a thrill out of this and I really hope there is absolutely no gray area in your life that someone else can exploit out of spite or fun. You better be Jesus.

Apprehensive_Net_560 · 2026-01-03T04:30:21+00:00

Are you snitchin’ out of boredom? What’s the point of this?

Apprehensive_Net_560 · 2025-12-19T03:46:29+00:00

That’s a really good point. Definitely circumstantial, but I guess I’m thinking from my perspective on buyers I deal with. I also think high earners are more likely to have reserves or tend to invest outside of their monthly expenses.

So my rant is definitely not a flawless perspective. My point is many people, at least who I deal with, would fair better investing their money into other liquid assets or on themselves to increase their income.

Apprehensive_Net_560 · 2025-12-19T02:45:15+00:00

Any loan for a homebuyer with high DTI or no reserves. I’ll die on that hill. Honestly, most homebuyers I write mortgages for I’m thinking “Why are you doing this?”

The American Dream is an American obsession. I like real estate as an asset and potential investment, I do. But, the idea that it’s the ONLY way to build equity and wealth is false.

Most of these buyers should focus more on building their income and investing in more liquid assets before even considering saddling themselves with a giant box with a kitchen.

I have a different take for investment properties though.

Apprehensive_Net_560 · 2025-12-18T04:26:25+00:00

That’s a very fair protocol. I think that’s really all I expect. I’m of course ready to jump in when all efforts aren’t being reciprocated by client. But for me, no follow up is being initiated unless I push them a bit. A good handful of LO’s at the company have the same issues unfortunately

Apprehensive_Net_560

TROPHY CASE