How to Explain “Why Get Pre-Approved for a Mortgage”

So, a prospect asks you the reason WHY they need to get pre-approved for a mortgage.

I don’t know about you, but I’ve gone to great lengths to explain the reasons why, the approval process, and the advantages when negotiating a sales contract.

A couple of mortgage girlfriends contributed a metaphorical script that explains the reason in easy-to-understand language. 

“Let me explain it this way—you don’t go to a restaurant, sit down, look at the menu and then tell the waiter that you have no money—that you are just looking!  So, why go house shopping unless you are sure your credit is okay and you can afford the monthly payment?  Upfront underwriting is the way to go.”

“Would you go to a grocery store without your wallet?  Knowing how much you can comfortably spend on a home is like having a wallet full of money to spend.”

“Have you ever gone shopping for an item (name the item—a car, jewelry, furniture), fallen in love with it, had to have it, and then looked at the price and could not afford it? I don’t want you to be disappointed if you are shown the house of your dreams and then discover that you could not get the money to pay for it.”

“If you are planning to buy another home, I recommend that you not sell your home until you get pre-approved for another mortgage.  It would really be horrible if you become homeless and end up living under a bridge because you could not be approved to buy another one.”

What script have you used in the past?