“Cross- qualification” is when a lender examines assets and income of a borrower without doing a complete pre-qualification necessarily. Sometimes a seller will require that a buyer be “cross-qualified” with the lender of their choosing for several reasons:
1. To ensure that the borrower has indeed been pre-approved and can purchase for the amount specified
2. To ensure that in the event the buyers lender finds that they are unable to provide the loan, the sellers lender can complete the loan and thus save the sale of the home.We’ve encountered a pretty tumultuous Real Estate market in many parts of the Country recently and many people are just looking for any added assurances they can get. As a buyer, don’t despair if you are asked to get “cross-qualified.” It actually may even be a benefit to you when you least expect it.
1. To ensure that the borrower has indeed been pre-approved and can purchase for the amount specified
2. To ensure that in the event the buyers lender finds that they are unable to provide the loan, the sellers lender can complete the loan and thus save the sale of the home.We’ve encountered a pretty tumultuous Real Estate market in many parts of the Country recently and many people are just looking for any added assurances they can get. As a buyer, don’t despair if you are asked to get “cross-qualified.” It actually may even be a benefit to you when you least expect it.
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