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Old 02-09-2009, 06:04 PM
 
305 posts, read 1,487,294 times
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Quote:
Originally Posted by overclocker View Post
It kind of fits in this thread, so...

This is something else I've wondered about since we haven't started shopping for a mortgage yet. To get real comparisons, I assume what we're looking at is basically getting "pre-qualified" at several lenders, correct?

How much of a barrage of daily/weekly phone calls/emails do you get from these people after you do a pre-qualification trying to seal a deal? It would be annoying enough from one, but multiplied by x lenders, it will drive me insane. Are we going to wind up on some lead list that's sold to every mortgage broker in town or is pre-qualification much less invasive than I am afraid it will be?

I didn't go for prequalification. I went straight for approval.

I also only contact two people. The mortgage company the realty company recommended (and owns) and our bank that we've been with for eons.

I believe privacy laws prevent them (the lenders) from individually giving out your personal information.

However, if you apply through a service like Lending Tree, then yes, you will get a gazillion contacts.

Also, if you do it online, make sure you note on your application for pre-qualification that you do NOT want to be contact by telephone for any reason. If they ignore you, when you pick up the phone tell them that you've now crossed them off your list of proposed lenders because they couldn't follow your wishes.

Hey, if they can't do one thing you ask of them, chances are it's a pattern.
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Old 02-09-2009, 09:48 PM
 
Location: central, between Pepe's Tacos and Roberto's
2,086 posts, read 6,108,087 times
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Quote:
Originally Posted by teebopop View Post
I believe that they can not charge a loan origination fee because it's back by VA.

Actually VA does allow the lender to charge a 1% origination fee.
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Old 02-10-2009, 03:32 AM
 
13 posts, read 46,418 times
Reputation: 11
Quote:
Originally Posted by teebopop View Post
I didn't go for prequalification. I went straight for approval.

I also only contact two people. The mortgage company the realty company recommended (and owns) and our bank that we've been with for eons.

I believe privacy laws prevent them (the lenders) from individually giving out your personal information.

However, if you apply through a service like Lending Tree, then yes, you will get a gazillion contacts.

Also, if you do it online, make sure you note on your application for pre-qualification that you do NOT want to be contact by telephone for any reason. If they ignore you, when you pick up the phone tell them that you've now crossed them off your list of proposed lenders because they couldn't follow your wishes.

Hey, if they can't do one thing you ask of them, chances are it's a pattern.
Yeah, I'd stay far away from Lending Tree for sure. What follows submitting there is well documented. Calls/emails aside, you could have a lot of credit pulls in a short time = drop in FICO.

I'd start at our bank that we've been with for a long time too, but they aren't an FHA lender. I guess we'll just have to get started soon and see what happens.

Good luck on your purchase
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Old 02-10-2009, 02:28 PM
SXN
 
350 posts, read 1,088,493 times
Reputation: 280
Quote:
Originally Posted by overclocker View Post
It kind of fits in this thread, so...

This is something else I've wondered about since we haven't started shopping for a mortgage yet. To get real comparisons, I assume what we're looking at is basically getting "pre-qualified" at several lenders, correct?

How much of a barrage of daily/weekly phone calls/emails do you get from these people after you do a pre-qualification trying to seal a deal? It would be annoying enough from one, but multiplied by x lenders, it will drive me insane. Are we going to wind up on some lead list that's sold to every mortgage broker in town or is pre-qualification much less invasive than I am afraid it will be?
I didn't get much of a barrage of calls from any of the lenders I called to compare rates. I think they are too busy with refinancing customers these days to chase you down. Only the bank I pre-approved with called me regularily to check if I want to lock in a rate.

I learned after getting pre-approved - that several other banks including Wells Fargo and National City would give me a GFE without the pre-qualification or credit check. They just asked basic questions about income, credit rating and the loan amount I wanted etc. Chase would have required me to pay for a credit report before giving me a GFE so I didn't get one from them. But chase still quoted me interest rates. All of the lenders gave me interest rates and I've been told to compare APR instead. All the GFE's in the 800 sections were different, so I forwarded them to my realtor and attorney who helped me make heads and tails of them.
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Old 02-10-2009, 03:16 PM
 
13 posts, read 46,418 times
Reputation: 11
That's good to know, thanks. I was actually just looking at Wells Fargo since they have a mortgage branch not far from us, so it seemed like a good place to start.

Thanks for the info...
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