So I had a client the other day ask me why it was standard procedure to ask everyone if they are preapproved. It got me thinking that alot of people probably don't know this. Let me tell a true story that happened to me about 5 years ago. So I had this client that came to me wanting to buy a house, sure I will show you houses I tell him. I ask if he has been preapproved and he says yes. At that time he was approved up to $250,000 (was alot back then) through a friend he knew that was a loan officer. So I say wow that is great. I got the loan officer name and number from him to have when I needed to fill out the contract. (there is a section where you have to fill in the financing terms) So we go out and search for homes. It was great, so many beautiful homes to see. We had a blast and he finally decided on a very nice townhouse in Centreville. So I go back to the office to write up the offer and I call the loan officer. The loan officer goes on to tell me that they were preapproved up to $250,000 and she had been in the business for along time. That is great I tell her and then ask for the loan details. She goes on to tell me the details and then she says at the end, I will call them now and tell them their payment...... (my jaw drops) you haven't discussed their payment yet? I asked her..... can you believe this... this is the most important part of buying a house, can you afford the payments. What I have learned through my experience is that loan officers will approve you up to ridiculous amounts of money. Wether you can afford the payment or not. So to make a long story short suddenly we had to go back out and search in a lower price range.... My client was very upset and so was I. He did find a smaller townhouse in Centreville which I helped him buy and he still lives there today. So now I ask up front for the loan officers name and number and ask all the right questions my clients don't realize they need to ask or better yet send them to Tammy who is wise enough to understand the payment is what matters the most.