The number one thing that keeps deals from closing is “borrower documents”. 

No matter how hard everyone is working on the deal, if the necessary documents aren’t gathered, and passed on to the mortgage broker, nothing can happen. Lenders want what they want, when they want it, and they need to be submitted before the lender will make a decision to fund... or not fund the project. 

So how do we make sure this process is as painless as possible?

First, getting a pre-approval from your mortgage professional is key!

A lot of realtors, especially the best and most experienced, won’t work with a buyer until they’ve gotten a pre-approval. Nobody wants to do a bunch of work, just to have the deal fall apart because of financing. We all want to get paid for our work. 

The pre-approval is a pretty simple and basic process. Once you’re pre-approved though, you know how much you’re actually going to be able to borrow. I’ve even seen cases where having a pre-approval letter from a lender has helped a deal close because it was one less condition that needed to be satisfied. 

Typically, after the pre-approval, there’s more documentation that’s needed to complete the final financing. That’s exactly what we’re talking about on today’s episode of the “Investment Property Income” podcast. 

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