What am I doing wrong?

posted 3 years ago in Home
Post # 2
Member
47287 posts
Honey Beekeeper
  • Wedding: November 1999

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nerk :  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
Member
510 posts
Busy bee
  • Wedding: April 2018

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 # 5
Member
636 posts
Busy bee

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nerk :  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
Member
557 posts
Busy bee
  • Wedding: June 2013

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
Member
7897 posts
Bumble Beekeeper

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
Member
36 posts
Newbee
  • Wedding: May 2013

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
Member
1660 posts
Bumble bee
  • Wedding: April 2017

View original reply
nerk :  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
Member
949 posts
Busy bee
  • Wedding: August 2015

 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
Member
6787 posts
Busy Beekeeper
  • Wedding: September 2016

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.

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