Image by Getty Images via @daylifeTo avoid the hassles of having to deal with potential buyers that can not secure any financing, a Granada Hills Realtor must learn to screen prospect buyers financially.
As reported by the Mortgage Bankers Association, almost 50% of the housing loan applicants are turned down. Creditors are now tightening up their policies. Candidates that has a low credit rating or those that can't afford a much higher deposit are likely to be rejected by lenders.
It is to your advantage as a Realtor if you center your concentration to buyers that has enough funds and can easily procure a loan. It helps to be updated with the current financing rates and trends.
In dealing with a prospect client, be ready to question the buyer regarding his budget and economic sources to determine his chances of getting a home loan. This will save you and your client's time and energy.
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