The Three Legs of the Preapproval Stool

Cheryl Knowlton:             Hi everybody, Cheryl Knowlton with Dynamite Productions coming at you with my favorite sidekick, Clay Johnson, Castle and Cooke Mortgage. Today, we’re going to be talking, in this week’s episodes, there will be five total … This is number one, and we’re going to talk about the three legs.

Clay Johnson:                    The three legs for getting pre-approved. And really, I think the pretty important part is, why is a pre-approval so important? I think the biggest part is shopping with confidence, and so we say, “Okay, what gives us that confidence?”

There’s three legs to the pre-approval stool, and those three legs really are credit, assets, and income. We look at those three things and say, “How do those look and what’s going to be the best loan profile based off those three categories?”

Once we have a good feel for that, we know exactly how to proceed and what to do from there.

Cheryl Knowlton:             And that is fantastic, and so important in an environment where buyers are coming up increasingly against multiple offers, how they can strategically approach that and create a stronger offer, greater likelihood that their offer’s going to be accepted, approach it with strength of the pre-approval.

Clay Johnson:                    Yeah, absolutely. And I’ve learned that everybody’s circumstance and situation is different, just like we’re all unique individuals.

Cheryl Knowlton:             Yes.

Clay Johnson:                    It’s surprising how different they can be. But it’s just knowing what those look like and then quickly making the best determination for them.

Cheryl Knowlton:             Absolutely. Partnering with a great lender is step one, and you need to make sure that happens. We’ll see you at the next video.

Clay Johnson:                    Bye.