Post # 1
So my Darling Husband and I have been searching for a home since shortly after we got married. I didn’t expect it to be a quick process at all but I’m getting a little annoyed. We’ve contacted our bank, which didn’t offer the type of loan we were looking for, contacted the bank my work goes through and I didn’t like the interest rates. Finally we contacted a bank that my father goes through. We filled out an application to be pre-approved for a loan and they said that they would get in contact with us shortly.
We don’t have bad credit, we don’t have a house to sell, and it would be our first home.
Over a month has passed and we haven’t heard anything from the bank. We tried calling both local lenders and it goes straight to voice mail and we never get a call back. We’ve attempted emails to no avail either.
I talked to others(two of which went through the same bank) who have recently bought a house and they say that they found the house before they asked for a loan, and got approved quick, which is not how I wanted to do it but I’m getting fed up with apartment living.
Should I find a house first? The market in my area is moving at a fast pace so I wanted to know I have the money before I feel in love with a house.
I’m just really confused, what can I do different (besides find a new bank)?
Post # 2
I highly recommend you get pre-approved for a mortgage before you start house hunting.
Do you have a down payment saved up? Do you have generally good credit? What is your debt situation?
For my first home purchase, I used a mortgage broker. They do all the work, getting you pre-approved and arranging financing. Their fee is paid by the lender. I don’t know if they are common where you live.
Post # 3
Definitely get pre-approved first. you can start by going through a realtor that has an in-house mortgage broker, they can sometimes be a little faster and a one stop shop for the whole process.
Make sure you have all your ducks in a row first – credit, down payment , closing costs , etc…
Post # 4
I have a decent down payment saved away.
Both Darling Husband and I have good credit (his is actually excellent)
We maybe have 1500 between us in dept.
We have mortgage brokers in the next city over. I was thinking about contacting them, I was just waiting to see if the bank contacted us first because the people I know who did it ended up getting their loan through the bank we applied at.
Post # 5
Online lenders usually offer better rates. Try Zillow or Lendingtree to access the rates and reviews for multiple banks. Local banks are generally far more costly and it’s sounds like the ones you’re dealing with don’t value your businesses.
Post # 6
We found our mortgage broker through our realtor. It made it so easy. We first tried to get pre-approved through a bigger lender and it felt like we were just another number and they pre-approved us for a loan that we were not happy with. We found our realtor and she recommended the mortgage broker and he was absolutely fantastic. The two of them really worked as a team especially as we were putting in offers (we put in 5 offers before we were accepted, got to love CO housing market!) There were a couple of bidding wars that could not have happened without communication with the mortgage broker. We have since recommended both of them to a friend and they were able to get under contract within a month after trying to deal with a previous lender for 4 months prior to working with our mortgage broker. It is the way to go!
Post # 7
It’s really poor form for them to not follow up with you. Is there another bank you can try to get pre-approval from? If the market is hot, it will be to your benefit to have a pre-approval letter in hand before you put in your offer. I like PP’s idea of asking your realtor for lender recs.
Post # 8
Contact an actual mortgage broker. They can get you way better interest rates then the banks can. Get pre approved first, then start searching.
Post # 9
we went through a broker and she got us a great deal at our current bank.
We had a loan approved and down payment ready to go before we even started looking.
Highly recommend getting your finances in order first.
Post # 10
I’m not sure about the process of using a mortgage broker, but we went through a local credit union and everything has been a breeze. They also offered some nice incentives for banking with them in addition to having our loans there, so it’s another option to consider if you haven’t already.
Post # 11
Another vote for a mortgage broker! They can see all of the available rates and bargain shop to offer you the best loan for your circumstance. Banks are only able to offer you what they are offering.
I also found my loan guy through my realtor. And was warned not to go out shopping until I knew how much I was approved for. In fact, when I was going to open houses, the first question people always asked was whether I’d been pre-approved already.