Preapproved For A Mortgage (Boston: mortgage broker, credit, loans)

[teacher30004]

Well, I think it's time to search for a home. However, I need to get preapproved first. So, being a teacher, I know I am entitled to perks. Then again, I could be wrong .

Anyway, what institutions should I looks at? I was thinking about starting with WAMU.

[goozer]

Originally Posted by teacher30004

Well, I think it's time to search for a home. However, I need to get preapproved first. So, being a teacher, I know I am entitled to perks. Then again, I could be wrong .

Anyway, what institutions should I looks at? I was thinking about starting with WAMU.

Not sure what size mortgage you are trying to qualify for and/or what sort of "perks" you are looking for, but I would ALWAYS shop around for multiple mortgage rates from different banks before deciding what bank to go with. It always amazes me how the terms of a mortgage (and interest rate) can be so different from bank to bank, even though your FICO score, salary, and debt obligations (what the evaluate primarily) stay the same. And don't forget...just because you are prequalified for a mortgage at a certain bank, you do not necessarily have to go with a mortgage from that bank when you decide to buy a house. Good luck.

[netdragon]

I think teachers can deduct more on taxes. Not sure what other perks area available.

[noah]

You may want to go through a mortgage broker who has the ability to find you different loans/deals through various banks. If you are working with a realtor or know one they may refer you to a mortgage broker. Of course you could get preapproved through the broker and if you are not happy find other financing later on once you have found your property

[CreditWitch]

When I sold my home we had an initial contract with a "pre approved" buyer. It was our realator's experience that online preapprovals would go through but at the time of closing the packet would go to the underwriter and be denied. The online tech still got their commision for a preapproval but no way would the underwriter touch it. We made our buyer get a preapproval through a local bank. They were denied.

Very interesting experience.

[IntownHomes247]

There are definitely special mortgage products out there for educators. You'll just need to look around to find them and figure out what's the best program for you.

The NEA also has a program you might be interested in:

NEA Member Benefits - Loan Programs

[casualobserver]

The rules of the lending game have changed until the banks' boards and execs forget how they are/were getting burned on the easy credit game rules of the last three years. Maybe give it another three years and you'll be finding rule bending in the name of market share and fee volume mentality again.........because the only difference between you and a big bank President is $1M in salary.

Certainly, through 12/31, lenders wanted their balance sheets higher in cash and lower in loans and so they had their underwriters look for reasons to decline in the past couple of months. Since the vast majority of American home buyers are incapable of reading any piece of mortgage loan documentation......so "we'll take the brokers word for it and spend the time watching TV instead".......a pre-approval or even a formal commitment letter are nowhere near the end of process/binding commitment that most people assume these to be.

You had better believe you will need to be sending in bank statements and refilling out underwriting forms until the day before closing.

All that said, I believe the "special terms" given to "teachers" is still alive. I have no knowledge of anything WaMu offers, but I do know BofA had/has a package. Pick up the phone and call.........no sense getting anything this important second hand.

[teacher30004]

Originally Posted by IntownHomes247

There are definitely special mortgage products out there for educators. You'll just need to look around to find them and figure out what's the best program for you.

The NEA also has a program you might be interested in:

NEA Member Benefits - Loan Programs

I will check this out. Thanks.

[Moving2ATL]

I'm getting a mortgage with NACA. Check out Bostonian of 2007 They are a non-profit neighborhood stabilization organization and they offer mortgages with no money down, no closing costs (yes, believe it or not this is for real). The best feature of their mortgages is that they allow you to buy down the interest rate with your down payment. There are some catches to their program, including a $50 per month membership that is rolled into the mortgage. It provides you with financial assistance in the event of a hardship. The website has a lot of info on it including many articles from newspapers and the press about their organization and the mortage program. They have no upper income limit but there is a limit to the amount you can purchase. I'm just about to purchase a house using their mortgage. Good luck.

[TimtheGuy]

Originally Posted by casualobserver

You had better believe you will need to be sending in bank statements and refilling out underwriting forms until the day before closing.

Not if it is all gathered up front by someone who knows what they are doing.