Lenders Have An Intimate Understanding of Your Financials
When you are purchasing a home and working with a lender to fund your purchase, the lender will thoroughly evaluate your financials. They will need paycheck stubs, check your credit score, go through your financial statements, and that’s just the beginning. They need to evaluate your entire financial picture in order to determine how much you can afford, that you will be able to make your monthly payments, and that you are not a risk. (Keep in mind, of course, that the amount a bank says you can afford may in fact be different than what you can afford. Meaning, it is not always wise to max out how much you are lending and can lead to living on a more pinched budget than necessary. It is wise to carefully consider how much you can afford so that you do not overextend yourself. For more information on how much you should spend on housing, read this blog or discuss with our buyers agents.)
How is Your Financial Privacy Protected?
The bottom line is that in order to get a loan, your lender will have a very clear picture of your financials. This is a neccessary part of the deal. Is this private information something you wish to share with the real estate agents involved in the transaction? While an open and honest relationship is beneficial and necessary with your own buyers agent for a successful home purchase, this type of information should not be shared with the sellers without your control over what is shared and when.
Denver Buyer’s Agents Work To Protect Your Financial Privacy
Lenders actually require written permission from you, the home buyer, to share financial information with real estate agents. This is an important way to protect your privacy. Our Denver buyer’s agents also like to remind lenders not to anything with listing agents who may call. This is one way in which Denver buyers agents help protect your interests and rights.
For more information, contact our office or fill in the find an agent form. There is no obligation and all consultations are free.