Comments on: Pre-qualifying for mortgage loans in order to shop around?

By: Sandy

Sandy — Fri, 03 Jul 2009 21:56:59 +0000

Dear ambrosialea,

Couple of days ago I was also searching for same thing and found this
http://financeme.6te.net

Regards,
References :

By: Noneya

Noneya — Fri, 03 Jul 2009 21:08:59 +0000

No, if you want to shop for the best deal you need to call around and ask for rates and closing costs. The only problem with this approach is you will get low ball offers to get you in the door. You need to realize that you are not buying an ipod or plasma tv so price is really only part of the equation.
You should really put more emphasis on how upfront and honest the lender is and are they willing to take the time to educate you about the largest financial transaction of your life. Do they take the time to explain everything to you? Do they answer all of your questions directly and fully without talking you in circles? Are they responsive to you? If they say they will call you back at 10am tomorrow, do they? Will they hold your hand through the entire process or just leave you twisting in the wind wondering what is going on with your approval or loan?
References :
I’m a mortgage banker/broker

By: Expert Realtor

Expert Realtor — Fri, 03 Jul 2009 20:24:59 +0000

Pre-approval and approval are drastically two different things.

You never, ever get final approval for a house until you have a contract on a property, any and all conditions are back (title search, appraisal, etc) and are a few days from closing.

Everything else…is a pre-approval.

Pre-approval is that you have produced your tax returns, paychecks…all income/liability conditions to the UW, and they will pre-approve you for an amount.

These terms are very misunderstood on Yahoo! Answers.
References :
former mortgage underwriter

By: rashiracer

rashiracer — Fri, 03 Jul 2009 19:40:59 +0000

You could do that, or just ask the current rates for someone with your credit score, income level, and debt-to-income ratio. They can’t guarantee that’s the rate you’ll get but it’s a start. Often what happens is you will pick a bank you trust and they will shop within their own programs for the best loan for your circumstances. When you are ready for pre-approval, this process can be done within a few hours. Have your pay stubs, copies of two years of tax returns, monthly debt payment amounts and account numbers for debt and saving accounts handy. When pre-approved, the bank will email, fax, mail, or hand you a letter (depending on the location and circumstances) that you can use when making an offer on a home.

Your rate may not be locked in until underwriting, which is after you and a seller agree to an offer on a home and complete the inspection process. This can take a couple of weeks and requires a more thorough check of your finances and credit situation. Sometimes that means the loan program you were approved for will no longer be approved or that more down payment money will be required.
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