Mortgage – Customer Profile

The key element when you’re buying a home is to try to realize what the client qualifies for and what their credit looks like so we do quite a bit of a like a customer profile or a customer checklist to see what the client would qualify for in getting a mortgage. Currently, I would ask for the …..

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company that they work for, if they’re not self-employed, the employer that they work for, and we need to do a two-year work history. We want to get a two-year work history for the client to learn what they make per year, gross income, and we also want to know what their debts are. So, when we figure out what the current income is, what their assets are, their bank account balance, their credit union balance, their stocks, 401K, and their liabilities and debts, this customer profile will allow us to figure out what a client will qualify for, how much loan they can qualify for.

It’s really important today, in today’s market to try to get a customer preapproved so that when you’re working with a real estate agent, the clients are confident or the real estate agents, that is, are confident that they have an approved customer. You don’t want to have a customer that’s not been qualified and then all of a sudden you put in an offer, the client is not approved by the bank and you’ve wasted everybody’s time. You don’t want to do that.

So, again, when you’re buying or refinancing a home, the credit rating is very, very important. The job history for two years is very important and the assets in the bank are equally vital. So, all of these things are important elements when you’re purchasing a home.

I would say the last and and, the last issue involving buying a home is the appraisal. The banks today are very cautious. They don’t want to make a mistake. They’ve made a lot of mistakes in the past and they don’t want to repeat those mistakes so they do an appraisal, a very extensive appraisal so that they they make sure the property is worth what the sale price is.
Thank-you.

Contact Tom: Lakeside Advantage Mortgage Tom Ciosek 50712 Van Dyke Ave. Shelby Twp, Michigan 48317. Office Telephone: (586) 997-2529


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