(Closed) Getting pre-approval

posted 6 years ago in Home
Post # 3
Member
10589 posts
Sugar Beekeeper
  • Wedding: January 2011

I don’t know how different the systems are but we got pre-approval and plan on doing more looking around when we’re closer to actually putting in a offer.

For now, we just went to a local brokerage.  We researched the brokerage online, and on comparision sites they tended to list the lowest rates.  Most work with numerous banks and other types of institutions.  I forget the number our brokerage works with, but I believe it was about 20 or so.

When we are closer, I plan on checking in with another brokerage company as well as an independent broker who has a very informative blog that I’ve been impressed with.  Not all of the big banks here work with brokers, so we will check with our bank for sure and maybe another one to see if they can beat what we are offered, from what I have read though, the big banks really aren’t competitive, even when you come in with a low rate pre-approval from somewhere else.  I also plan to check with one credit union.

With the pre-approval in hand, the other companies should at least be able to tell me if there’s a possibility they can match my rate (I’ve done this with a brokerage already), without me having to submit any paperwork, so that can be done via e-mail.

Post # 4
Member
452 posts
Helper bee
  • Wedding: November 2013 - Garden

We’re building through a company designed for first home-owners, and they included an independent broker as a free part of their service, so it was really easy for us. She helped us weigh up a few different options and got all of the paperwork in order for us. We got our pre-approval before Christmas and it was totally smooth sailing.

If we didn’t have that option, we probably would have tried to find someone with access to a wider amount of lenders, or we’d have made an appointment with FFIL’s broker. 

Post # 5
Member
1346 posts
Bumble bee
  • Wedding: November 2012

@kay01:  We went through a company that I knew had a decent reputation, was helpful and friendly and had good fixed rates.

Although I had a bit of a leg up… I work at a mortgage agregator (basically a go between, between brokers and banks) so i knew a lot of rates out there and didnt need to do a lot of research

Post # 6
Member
1304 posts
Bumble bee
  • Wedding: September 2011

You can get a pre-approval from anyone.  You can still shop around for mortgages and use a differpro provider once you have an accepted offer.  That’s what we did.

Post # 7
Member
6123 posts
Bee Keeper
  • Wedding: August 2012

@kay01:  I ended up going with my bank at the time – Wells Fargo.  They had a great deal combined with my state’s version of FHA (called UHA).  I went to several other lenders to see if they could give me a better deal and it was the same or they had nothing better.  We only talked, not pulled credit every time.  I don’t think we have 20 options in the valley, so I only visited like 5 other places.

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