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tangytic
11-16-2004, 05:53 PM
I’m trying to get pre-approved for a mortgage and presently I am working with a broker
and would like to comparison shop with some banks. Can anyone give me any suggestions, hints (especially if you have gone thru the process).

Anything info is greatly appreciated.

Thanks.

tran68
11-17-2004, 02:50 PM
When I was pre-approved it was done for $160K which would have put me in the poor house...I found a house for $129K which was right where I needed to be.....those pre-approvals sometimes make you bite off more than you can chew. I'd also try to go it alone (w/o the broker/realtor) because they get a percentage and you could use that percentage to get more house if need be. In hindsight if I could have left my realtor out of it - she didn't find the house anyway I did :rolling - I coulda got me a deck or corian countertops or something..... :)

happilynappy
11-20-2004, 01:38 PM
We are going through the process right now and by word of mouth is how we found our loan officer who by the way is really working on our behalf. Before we went to her, I ordered one of those free brochures by Fannie Mae Foundation that has a list of banks in your area. You can do a google search and go that website which is very informative. It only took a week to get that brochure.

EarthyDiva
11-21-2004, 03:14 AM
Good point trans68. They will qualify you for an amount that will have you eating pbj for the first couple of months of homeownership. Stick to your own budget and you will be much happier.

It is definitely a buyers market. I put my info up on LendingTree.com and 4 people called me the next day ready to offer me a great deal on a loan. If you're not comfortable with the internet ahppilynappy's suggestion of calling or going into diff lending institutions is a great idea. Either way, I would shop around and even if you do go with your original lender you can have the leverage of saying hey X bank was ready to offer me this better loan. Can you match that?

ED

LotusBelle
11-26-2004, 06:31 AM
Originally posted by tran68@Nov 17 2004, 09:50 AM
...I'd also try to go it alone (w/o the broker/realtor) because they get a percentage and you could use that percentage to get more house if need be. In hindsight if I could have left my realtor out of it - she didn't find the house anyway I did :rolling - I coulda got me a deck or corian countertops or something..... :)

616366




The percentage that the realtor gets comes from the seller not the buyer; the money that the realtor made should have had nothing to do with the budget for your house. Did you have some kind of exclusive agreement for a cash incentive with the realtor?