Post # 1
I am looking to buy a townhouse for around 160k. I want to put 60k down and a 15 year fixed rate mortgage.
would you go with a bank or broker? What is the benefit of using each one?
I called my bank to set up an appointment for a pre-approval and they want the last 5 tax returns, income statements for the last 5 months and work history. I have all that but I’m surprised they want so much papers.
How do you find a broker??? I have no clue.what is the benefit of using one vs a bank from your experience?
but the first thing any realtor always asks me if I am pre approved. If not- they don’t show as much enthusiasm.they all said finances have to be done before even placing an offer to be the most desirable buyer.
how did you find your best solution? What advise would you give me?
Post # 2
toolate81 : We used a broker on the recommendation of a friend who has bought and sold a lot of houses. He was great; always available to answer questions and we did not need that much documentation (2 years tax returns and 2 pay stubs).
We’re in the Tampa Bay Area, if you are too I can give you his name and an awesome realtor too.
Post # 3
toolate81 : you can get preapproved from a bank but that doesn’t mean you have to use them for the final mortgage – it just shows what you are eligible to get and most banks have similar standards.
I went bank because I did a first time homeowner program through my state – literally every bank that offers the program offers the same rates, closing costs, etc. so it made no difference to me.
Post # 4
- Wedding: September 2015 - Hotel Ballroom
We went through the bank. I remember being shocked at how much paperwork they required too!
Post # 5
I went with a broker, recommended from a friend. We did first time home buyer as well. I liked the broker because they were much more personable, and easy to reach. And he was able to help us fix something that appeared on our credit that wasn’t there when we first started the process. (Sneaky companies)
Post # 6
We went VA Loan since Fiance was a Marine.
there was endless amounts of paperwork for the final approval. But getting preapproved seems like it was easy.
Post # 7
I first found a real estate agent I really liked and wanted to work with. She then referred us to the lender she works with all the time. Having 2 people that are familiar with one another and that work together frequently made things go smoothly. It’s also important to make sure you find a lender that has experience / does a lot of work with first time home buyers. There are a ton of special programs and benefits for first time home buyers but this causes more work and paper work for the lender. If you get someone who likes more traditional loans / is not willing to put in the extra effort it could make things more difficult and you could miss out on great benefits. Good luck ! Home buying is stressful but so worth it in he end!
Post # 8
Broker, they can get the best deals for you, ones that aren’t advertised.
Post # 9
Wow, looks like we were pretty lucky in comparison! We got in touch with the same bank that had the previous owner’a mortgage (it’s a small, local bank with only two branches) and all they wanted was two years of tax returns and one month of pay stubs.
I did get in touch with a broker to see if they would have a better interest rate. I went to the one I did on the recommendation of a coworker. The interest rate was the same but they wanted an truly insane amount of documentation about our income, etc. so going with the bank was a no brainer.