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Old 01-23-2009, 02:54 PM
 
Location: Concrete jungle where dreams are made of.
8,900 posts, read 14,923,681 times
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Which mortgage companies are you getting your mortgage from? Our real estate lawyer advised us not to use Trump Financial since they're a brokerage and not a lender. He said most people he knows use Wells Fargo. The guy we spoke to at Trump said that since we're teachers, we wouldn't get any addition charges (which the lawyer said would happen). But should we trust him? I don't know what to think. We should decide really soon since the interest rates are very low.

Also, would it be bad to get another pre-approval after we've gotten about 3? We're worried about our credit rating going down. Would it be bad for our rating if we got approved by Wells fargo?
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Old 01-23-2009, 03:01 PM
 
745 posts, read 1,433,257 times
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Why don't you try the Teachers Federal Credit Union? Their 30 year rate is 4.625
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Old 01-23-2009, 03:41 PM
 
Location: East Northport
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I don't know much about Trump Mortgage except that a guy from there made an appointment with me under false pretenses, so I will never recommend him.

You're right that the more your credit report gets run, the lower your FICO score can go down. But, if there are several inquiries bunched together, it does not hurt it much. They understand that people shop around for mortgages.

Keep in mind that mortgages are basically commodity products, except if you have very unusual circumstances. You pretty much end up paying the same one way or the other, whether it is in rate or fees. It can get very frustrating, because you feel like you are comparing apples to oranges.
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Old 01-23-2009, 03:45 PM
 
Location: NY
1,416 posts, read 5,398,733 times
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Quote:
Originally Posted by Rachael84 View Post
Also, would it be bad to get another pre-approval after we've gotten about 3?
Have you actually gotten a pre-APPROVAL (a Conditional Approval Letter) from those three banks, or just a pre-Qualification? The two are not the same thing, although too many bankers and realtors use the terms interchangeably.

In order to get a Pre-Approval you have to go through the same process as for applying for a mortgage: Pay the application fee, supply your bank account details, copies of your last years tax returns, documents proving all your other assets, etc. It's a lot more involved than just a loan officer plugging your Social Security numbers into some software, doing an instant credit/credit score check online, and putting whatever numbers you give him over the phone into a calculator program. A pre-Approval requires documentation of all information that you supply regarding your financial status.
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Old 01-23-2009, 05:29 PM
 
Location: Concrete jungle where dreams are made of.
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Trump Financial is asking for our w-2's right now, so we're in the process of that.
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Old 01-23-2009, 05:29 PM
 
Location: James Island
67 posts, read 187,569 times
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I have Wells Fargo and am happy with them. Had Washington Mutual and they were the absolute worst.. although I guess theyre not really an option anymore. Stay away from them or whatever they own or whatever name they may now be under.

I used the Manhattan Mortgage Co as a broker and was pleased with their service. At first I didn't think they were giving me the proper attention, so I got another broker involved.

That got their attention and they stuck to their word, even paying part of my appraisal fee when they quoted me at one price and it ended up being a couple hundred more. There were no tricks, we were at the closing table and I told them the price for the appraisal was not as quoted. They solved it right there with no hassles.
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Old 01-23-2009, 05:35 PM
 
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Rachael didnt you already put a offer in on a home?
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Old 01-23-2009, 06:32 PM
 
Location: Concrete jungle where dreams are made of.
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Yeah, we signed the contract and waiting for the sellers to sign it.
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Old 01-23-2009, 08:08 PM
 
6,063 posts, read 12,193,482 times
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Great & congrats! But shouldnt you be approved before the bid? What happens if you dont qualify for a loan?

Quote:
Originally Posted by Rachael84 View Post
Yeah, we signed the contract and waiting for the sellers to sign it.
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Old 01-23-2009, 09:26 PM
 
Location: Concrete jungle where dreams are made of.
8,900 posts, read 14,923,681 times
Reputation: 1819
I was told we'll qualify.
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