Lansing Realtor Mortgage Guide: Questions Before the Offer

What does the preapproval actually establish?

Ask the lender which income, asset and credit information has been reviewed and what assumptions remain. An application, a preliminary conversation and a documented review are different stages. Confirm the letter’s terms and ask whether a change in price, down payment or property type requires another review.

For an East Lansing buyer comparing a primary residence with a possible rental, settle the intended occupancy before using a payment estimate. For a move-up buyer considering Okemos, establish whether funds depend on the current home selling. These examples illustrate file questions; they do not describe every buyer in those communities.

Use the Michigan preapproval guide with buyers who are beginning the process, then bring unresolved questions to your Lansing mortgage partner for Realtors.

Financing red flags to raise early

• Income that has changed: a new job, variable earnings or self-employment needs a specific documentation conversation.
• Cash that is not yet available: ask about sale proceeds, gifts and other funds before setting the deposit and closing plan.
• A payment based on incomplete costs: confirm taxes, insurance, association dues and mortgage insurance where applicable.
• A property requiring work: distinguish work needed for financing from the buyer’s optional improvements.
• A condo with incomplete records: obtain the development name and lender document list before assuming the unit qualifies.

Share a general description with Mike first. The buyer should provide private documents directly through an approved secure channel. The self-employed borrower guide and first-time buyer information help organize that conversation.

Give appraisal questions their own place in the timeline

Appraised value and property-condition findings can raise different questions. Ask how a value concern would be reviewed and how any required repairs would be handled. Do not promise that a comparable sale, a seller credit or a buyer’s willingness to accept the condition resolves the issue.

For a Lansing home with visible repairs, use the Lansing FHA and VA appraisal guide. For an attached condo, use the project-document guide. An appraisal does not replace a buyer’s independent inspection.

Build a closing calendar with named responsibilities

1. At the offer: confirm the financing assumptions, property type and realistic lender timeline.
2. After acceptance: deliver the complete contract and addenda; identify who is gathering title, insurance and HOA records.
3. During review: ask which conditions remain, who owns each next step and whether a deadline is at risk.
4. Before closing: confirm final documentation, funds and the lender’s closing authorization rather than relying on an earlier target date.

The CFPB closing guide explains that borrowers should receive the Closing Disclosure at least three business days before closing. Build the required review period into the calendar and ask the lender about any later changes. No single turnaround promise fits every file.

Five questions for the lender before you commit to a date

• What has been reviewed, and what could still change this preapproval?
• Does this specific property create an additional review?
• Are any funds dependent on another transaction?
• Which documents or third parties could affect the timeline?
• How will the buyer and agent learn about material changes?

Use the affordability calculator to compare assumptions, then ask for property-specific figures. Bring one unresolved question to Mike’s Lansing Realtor scenario form before deadlines become tight.