Shopping for rates (pre-approved, requirements, rate, refinance)
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I am looking to start the pre-approval process within the next few days. Should I try and get pre-approved at a few different places? Or is should I just get preapproved at one place and then rate shop before closing.
I am a firsttime home buyer so not completely familiar with the process.
The LAST thing you should do is simply shop rates.
You are a first time homebuyer, and as such will have thousands of questions. Find a lender who is willing to answer them, who doesn't gloss over topics, and who answers the phone when you call.
Your first order of business should be investigating the infrastructure and service level of your lending candidates.
Find lending candidates who listen to you, who do not broker everything out, who have been handling PURCHASE business, not refinance business. THEN compare terms.
I am looking to start the pre-approval process within the next few days. Should I try and get pre-approved at a few different places? Or is should I just get preapproved at one place and then rate shop before closing.
I am a firsttime home buyer so not completely familiar with the process.
Thank you for your help.
You'll be able to find a lower rate right before you close, but they'll just screw up the transaction. Accept the rate or work with someone with a float down policy. The grass will always be greener on the other side.
The LAST thing you should do is simply shop rates.
You are a first time homebuyer, and as such will have thousands of questions. Find a lender who is willing to answer them, who doesn't gloss over topics, and who answers the phone when you call.
Your first order of business should be investigating the infrastructure and service level of your lending candidates.
Find lending candidates who listen to you, who do not broker everything out, who have been handling PURCHASE business, not refinance business. THEN compare terms.
THIS. So much this. Rates are still very low now, and a .25 rate difference between one lender and another isn't going to matter much in terms of your monthly payments or over the life of the loan. But finding a great lender who treats you like a person and not a case number is so important -- and especially in the case of a first-time homebuyer.
Buying a home is not really like anything you've ever done before, and there are a lot of requirements and specialized "lingo" involved in the process. You need someone who can put all of this in clear English without making you feel stupid -- this is harder to find than you'd think, and so important.
There's usually a reason someone has to offer the lowest rate and it's typically not for their great service or flexibility or ability to close on time.
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