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Old 05-20-2015, 07:14 AM
 
10,282 posts, read 6,543,239 times
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I live in Broward county Florida and am looking to buy in the Fort Myers area or Orlando.

Does it matter where I get the loan, should I look for lenders in those areas?
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Old 05-20-2015, 11:50 AM
 
Location: New York
2,251 posts, read 4,169,934 times
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You are asking a broad question > a broad answer

  • it is up to you who you talk to.
  • what you get is determined by what you have to offer.
My experience with loans, local banks may offer the convenience of meeting face to face. They might not have to best rate and terms your are looking for. Additionally representatives at smaller banks may lack the experience of larger banks.

Reviewing your previous posts - noting you are a first buyer, looking at credit unions may be a waste of time. They can offer more secure loans, if an issue comes up during the loan origination process. The application is dead and you wasted time and money paying for an appraisal. I recommend looking at conventional lenders like Wells Fargo, Citibank, Chase, or BOA. They have a larger portfolio of loans you can qualify for. I would stay away from a loan broker, because of your credit history and limited income.

As a first time buyer the more organized you are, will only help you. I strongly suggest getting a notebook and dividing it into separate sections. (Like preparing to write a book.) An index, followed by properties looked at (MLS sheets), next is different lenders, followed by your financial documents, credit report, utilities, mortgage taxes, and home insurance. Creating your own personal book will help you learn more about the loan process and keep you organized.

Before you go shopping with different lenders, recommend you getting a copy of your credit report. The credit score is the first thing looked at when qualifying for a loan. It is not rocket science to understand a higher credit score can result in a better loan, compared to a lower score equaling a bad loan or being denied. If you have credit issues, you need to clean them up first. It takes on average 30 days to dispute and remove mistakes.

Good Luck


..
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Old 05-20-2015, 08:25 PM
 
10,282 posts, read 6,543,239 times
Reputation: 10861
Thanks for the info Mod Spec. My credit scores are excellent. 813 where the highest is 818m I think Experian, 811, and 827 with the others, something like that, I'm not gonna go look at my paper work, but they are all over 800 and excellent.

I think since my income is not high they might charge me a little more, but that's fine. I paid over $60K in 7 years of renting, and plan to pay the loan back as soon as I feel comfortable. I also found out today I might qualify for a first time home owner grant or 0% loan for the closing costs, which was a big worry to come up with $8K with closing and down payment. I was able to apply online with a lender who participates in that program for an FHA loan and she's local to where I want to buy. She was very nice and spent about 45 minutes on the phone with me discussing the program and my options.

And the lender who gave me same day pre approval gave me a copy of my report. Now TD is dragging their feet about even getting me pre approval, seems like a sign of things to come and a possible warning.
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