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Your Finances are Private, Your Agent Doesn’t Need the Details

October 22, 2014 by Chris Bohn

Your Finances are Private, Your Agent Doesn’t Need the Details

I’m a firm believer in the importance of home buyers getting pre-qualified for a mortgage.  The main reason is that YOUR personal finances are very private and none of my business.  When you select a lender, you discuss your private information about your income, your expenses, your budget etc.  This determines the price range for you to begin your home search. When you know the best price range for your budget, it helps US do an even better job of find you the right home!  Here’s a great article shared on the RE/MAX network.

Your Finances are PrivateMoney is a delicate issue. How much we earn and how much we owe is information many of us prefer to keep close to the vest.

If you’re concerned about detailing your finances to your real estate agent, rest assured that there’s plenty of privacy in the client/agent relationship.

Real estate agents don’t need, or expect, you to disclose everything about your money to them. That said, they must understand your overall situation to help guide you to a home that’s within your budget.

An agent’s job is to negotiate a home purchase or sale on your behalf, keep the transaction on track and help you navigate real estate paperwork. His or her strength lies in understanding home values, and property and neighborhood features. Home financing is an altogether separate story from a home search or sale; therefore, agents usually don’t delve into your finances to crunch the numbers.

Leave it to the lender.
Agents are happy to let your mortgage lender handle the financial questioning. A loan officer at a bank or mortgage company calculates your maximum purchasing power and your monthly payments based on your loan application, financial documentation and debt-to-income ratio.

Be prepared to supply your lender with your last two years of tax returns, recent pay stubs, bank statements and investment accounts. Agents then present a lender-generated preapproval letter to listing agents, indicating the amount you’re able to borrow.

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Are you searching for the right place in Gainesville to call home?  We’ve got them all right here.  Over two thousand homes and condos for sale. We are here to help you today.  So call us at 352-278-9357 or Contact Us Here.

Filed Under: Home Buyers Tagged With: home buying process, mortgage information, pre-qualification on a mortgage

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The Bohn Team

Christine Bohn, Broker Associate

Michael Bohn, Sales Associate

4011 NW 43rd Street, Suite C
Gainesville, FL 32606


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