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Could someone with recent experience help me out with a question.
What is the quickest easiest way to get pre-approval. Should we go
to our bank, our credit union, or does it really matter. We are first
time homebuyers..may go FHA?
Will we have to go in, with documents etc.? My bank, which is a large
bank, has only one mortgage specialist and she hasn't returned my call
after 2 days and 2 messages?
We should be a quick easy deal. I have done the research. We should
qualify easily for the price range we are looking at, have 3.5-5% down.
Long term verifiable income. Zero credit card debt. Yet it seems like
I can't seem to get the ball rolling. We have eyes on a few properties
that I know are great deals. What should I do?
find a bank or broker and fill out an on-line app...then they will contact you with the documentation that they need and then you should be pre-approved shortly their after
Anybody in your family or at work use a broker they liked? Most good brokers will return calls right away and talk you through the steps before the credit pull etc. If they can't return your call while they're still looking to earn your business, move on.
Anybody in your family or at work use a broker they liked? Most good brokers will return calls right away and talk you through the steps before the credit pull etc. If they can't return your call while they're still looking to earn your business, move on.
If they are not responsive before they "have their hooks in you" then things are only going to get worse.
I think better than 95% of the pre-approvals happen through software that takes all of about 90 seconds for a decent originator to type in. Yes, they will tell you down the road that you do need paystubs (or screen prints) and the past several years of W2s and/or tax returns, but really it is inexcusable not to return calls.
Still no call back. I am going to try my other bank. I may even do
Bank of America's online pre-approval. Though I don't have an account
with them. So far theirs looks the fastest and most user friendly.
If anyone is in St. Louis, MO and they have a good broker to refer me to
that would be nice. When I google looking for one, it's hard to tell who
is good and who's not. Thanks for the advice to those who posted.
Have to find an agent too.
I also discourage your move to BofA, unless corresponding with the Black Hole is your favorite past time. I left there after two years of not being able to get any of my customers to closing on time. And I did mortgages full time.
I recommend you look thru your local real estate magazines and identify one or two top producing real estate agents. Call them and ask them for a couple names they recommend THAT ARE NOT AFFILIATED WITH THEIR OFFICE. Tell them this is for a refinance (even if it's not, it will keep sales pressure away) and you particularly would like someone local and also has local processing and underwriting.
Anyone that doesn't get back to you within 24 hours should be taken off the list!
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Great advice, seriously!
