Lenders Selection - Preapproval for Loan - again advice needed (credit, 30 year fixed)

[newhomebuyer80]

Hey guys,
I know most people know my id due to some dumb questions before.

By friday, I have to show to the builder that I am eligible to buy a house with a House loan. ( HOUSTON TX )
I am hunting for lenders.
1. Builders own mortgage - but they are asking me $495 to do the appraisal ( thats crazy, I didnt send them anything yet)
2. Bank of america - I have applied today - He gave me the loan number - its under review ( its showing online) - rates from BOA 5.37% interest 5.47 APR - 30 year fixed - 10% downpayment
3.
4.
5.
Advise me some more lenders to look for ...i am looking for no fee mortgage lenders ( I know only BOA so far, and builder company ($7000 off towards closing cost)

[wankel7]

Just shop around....even look at credit unions maybe from your employer? If the builder is paying closing costs maybe you can even buy a point if the closing costs are way under 7k.

If the builder is giving you CASH for closing then don't go for a no closing cost mortgage. The reason why it is no closing cost is because the rate is higher.

But if the builder is just taking money off the price of the home the cost of your closing costs become a little more critical. Then maybe a no closing cost mortgage would be better.

Also, maybe FHA is an option? But it seems like you have the 10% down so FHA might not be the best idea.

Don't forget to get a home inspection even with new construction! Are you working with a Realtor?

[raising3boys]

Are you looking for lenders that wont charge you a fee for preapproval? We got preapproved by four lenders and none of them charged a fee for the preapproval.

We shopped around for the best deals. During the process which was quick was through, Wells Fargo, Cartus( my dh's relocation company) our Realtor's company, and Chase. They were all competing for our business and tried to beat each other's deals.

Good luck.

Chase told us that even though you "think" you are going to go with a particular lender, you are able to pull out at the last minute. ( They really don't like you too, but it happens!)

We ended up going with Cartus because they were the best deal. Then when we started the process Wells called us back and said...We can beat it. My dh told them no because they should have gave us the best they could at the beginning then.

Good luck. You should have NO problem getting a preapproval by Friday. I would get started first thing Monday though.

[newhomebuyer80]

Originally Posted by raising3boys

Are you looking for lenders that wont charge you a fee for preapproval? We got preapproved by four lenders and none of them charged a fee for the preapproval.

We ended up going with Cartus because they were the best deal. Then when we started the process Wells called us back and said...We can beat it. My dh told them no because they should have gave us the best they could at the beginning then.

Good luck. You should have NO problem getting a preapproval by Friday. I would get started first thing Monday though.

Thanks for information.
I am planning to ask , My builder ( if they agreed for the $495 charge waiving), Bank of america, Wells Fargo, Wachovia, Chase, my bank , looking for some credit union.

Thanks guys..

[newhomebuyer80]

Originally Posted by wankel7

Just shop around....even look at credit unions maybe from your employer? If the builder is paying closing costs maybe you can even buy a point if the closing costs are way under 7k.

If the builder is giving you CASH for closing then don't go for a no closing cost mortgage. The reason why it is no closing cost is because the rate is higher.

But if the builder is just taking money off the price of the home the cost of your closing costs become a little more critical. Then maybe a no closing cost mortgage would be better.

Also, maybe FHA is an option? But it seems like you have the 10% down so FHA might not be the best idea.

Don't forget to get a home inspection even with new construction! Are you working with a Realtor?

Yes, I will do the inspection for sure. Initially my friends told me that no need of inspection. But I am planning to do 2 Phase inspection with inspector.

[newhomebuyer80]

Originally Posted by wankel7

Just shop around....even look at credit unions maybe from your employer? If the builder is paying closing costs maybe you can even buy a point if the closing costs are way under 7k.

If the builder is giving you CASH for closing then don't go for a no closing cost mortgage. The reason why it is no closing cost is because the rate is higher.

But if the builder is just taking money off the price of the home the cost of your closing costs become a little more critical. Then maybe a no closing cost mortgage would be better.

Also, maybe FHA is an option? But it seems like you have the 10% down so FHA might not be the best idea.

Don't forget to get a home inspection even with new construction! Are you working with a Realtor?

Yes, I will do the inspection for sure. Initially my friends told me that no need of inspection. But I am planning to do 2 Phase inspection with inspector.

[newhomebuyer80]

Originally Posted by wankel7

Just shop around....even look at credit unions maybe from your employer? If the builder is paying closing costs maybe you can even buy a point if the closing costs are way under 7k.

If the builder is giving you CASH for closing then don't go for a no closing cost mortgage. The reason why it is no closing cost is because the rate is higher.

But if the builder is just taking money off the price of the home the cost of your closing costs become a little more critical. Then maybe a no closing cost mortgage would be better.

Also, maybe FHA is an option? But it seems like you have the 10% down so FHA might not be the best idea.

Don't forget to get a home inspection even with new construction! Are you working with a Realtor?

Yes, I will do the inspection for sure. Initially my friends told me that no need of inspection. But I am planning to do 2 Phase inspection with inspector.