[redstarfishy]

I currently rent in CT and want to buy my own house. I first want to get pre-approved, but am having trouble finding someone I trust who can help me. I have only looked online right now, through Zillow, because I don't know anybody who recently went through this process that could recommend someone. So far, I get either the people who immediately jump into very personal questions in their first email that doesn't seem relevant or people who say they can help but base it in general terms and not based on my lifestyle. I know I'm not a simple case, so I really want someone who can work through my options and give me the right information without deceiving me.

I'm not sure if this is the right place to ask for suggestions on people you've used in the past that you trust, so please PM me if that would be better.

Thanks for any help.

[goldenage1]

Why not just start with the bank or savings & loan or mortgage broker in your town, and set up an appointment to meet them in person? I also would refuse to answer personal questions over the Internet. Of course, anyone making a loan is going to ask about your income and assets, and they will need your permission to access your credit records.

[Sigequinox]

We just went to local banks. Once you know your credit score from preapproval at one bank, there's really no need to give subsequent lenders access to your credit score until much later in the home buying process (running credit actually lowers your credit score. don't ask me why. I have no idea). You can just tell the underwriters what your credit score is and they will use it for calculations.

We used Webster Bank for our mortgage because (at least at the time) they had the lowest rate and lowered it even more for opening a direct payment account with them.

Our mortgage lender was Bob Waldeck. He was very helpful and informative throughout the whole process (we were first time home buyers). He played as much a role of teacher as he did mortgage underwriter. Still have his number in my phone....
(203) 988-1950

He was actually hoping to move down to North Carolina, not sure if he did yet. Can't hurt to give him a call. He was very good about responding to emails and phone calls which is EXTREMELY important during the buying process. There were times when we needed documents from him within a few hours (multiple bid on house so things got crazy) and he pulled through. We actually dumped our first lender because of how poorly he communicated.

Good luck!

[NewJeffCT]

Originally Posted by redstarfishy

I currently rent in CT and want to buy my own house. I first want to get pre-approved, but am having trouble finding someone I trust who can help me. I have only looked online right now, through Zillow, because I don't know anybody who recently went through this process that could recommend someone. So far, I get either the people who immediately jump into very personal questions in their first email that doesn't seem relevant or people who say they can help but base it in general terms and not based on my lifestyle. I know I'm not a simple case, so I really want someone who can work through my options and give me the right information without deceiving me.

I'm not sure if this is the right place to ask for suggestions on people you've used in the past that you trust, so please PM me if that would be better.

Thanks for any help.

You can go to any bank to get a pre-approval. However, you are not obligated to use them after you get pre-approved. You're going to have to provide personal information eventually, but I'd agree that you don't need to provide that up front. (Some people go to somebody like Quicken Loans to get a fast pre-approval, then go to a local bank to get the actual loan and a more personal touch. Some people do the opposite - they go local first, and then to a big vendor like Wells Fargo later...)

However, if you're not working your normal 9 to 5 job in the office, it might be a better idea to go to somebody local, as they are licensed and can give you personal service. (A lot of the initial contact people at the big banks are not licensed mortgage brokers, so may not know all the ins & outs of something that is not as common.)

[sezzam]

I suggest you find your credit score on your own (about $10-$15 if you do it along with your allowed three free credit reports each year without dinging your credit score).

When you talk to candidate lenders, give them your credit score to get their current rates for your score. Also ask about loan origination, appraisal, reserves, points, and other parameters. Lenders tend to differ more on these parameters than on rates.

Before you talk to a lender, have a home in mind, even if that home is only a prototype for your target home. Be upfront with the lender about where you are in the search process. If you talk to multiple lenders (you should), give them all the same information so you can compare them meaningfully.

Hold off getting a pre-qual or pre-approval until you have refined your criteria for homes and financing because pre qual/approval requires credit check and frequent credit checks can hurt your credit score. (Multiple mortgage credit checks in a 30-day period are generally treated as just one check.)

In general, do not give a lender your SSN until you are ready to run a credit check. You can get the rates and cost without a credit check. Don't do business with lenders that say otherwise.

If you are generally interested in rates for your credit score and zip code, just try bankrate.com. If you talk to lenders, remember they will relentlessly follow up by phone and mail. So, contact them judiciously.

Finally, if you are a Costco member, use their mortgage service to see rates online and choose up to three lenders to interview. Lenders you contact via Costco limit their fees to $495-$695 depending on your membership level. You don't have to use any of those lenders if you aren't satisfied.

[EUPL]

Let me know what area you are in and I can help, I deal with mortgages and Real Estate on a daily basis.

[MSP1216]

If you are a first-time homebuyer, go through CHFA. Rates are insanely low (3.25% with 1 point). There are income limits based on the town you choose, however. You will get the loan from them through a bank.

[jesse_f]

I found Bill to be great - highly recommend.

Bill Robertson
TD Bank
203-767-7434
Bill.robertson@td.com

[Cambium]

Looks like now is the time to get a mortgage... Rates are still low and being the economy is coming back the Fed Reserve will start to talk about raising interest rates.

They can't stay this low forever and it's been toooo long they have been low... So time is coming for higher rates... Lock it in next 12 months.