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There are some online lenders that will give you a preapproval. Just plug in your data with them and see what comes out.
Bad advice, especially for the inexperienced buyer!
This will result in bad advice, multiple credit inquiries, maybe even getting under contract, only to find your loan officer has only been on the job for 6 months and learning on you. Do not blindly put your SSN on any website.
I would pay off all your debt including cars and student loans,save 3 to 6 months emergency funds, and a 20 percent down payment.So to answer your question,no.
Na.. I'm all about staying tight but you don't need to go that far. I'd sell the car and get something cheaper where the loan is half, like $150 (frees up $150). I'd then get the student loans out of deferment and use the freed up $150 toward those student loans. 3-6 months emergency fund I totally agree with. I don't see a need to put down 20% when mortgages are only like 4%. Put down 10%, your PMI will be very low and 10% down usually gives you a very good rate, much better than what only 3.5% down would. I put 10% down and refinanced a year later, my appraisal came in high enough that it eliminated my PMI. Stopped me from putting out an extra $26,000 which would have been locked in my house only saving me 3.5% on the interest rate which is tax deductible anyway.. poor use of funds.
Bad advice, especially for the inexperienced buyer!
This will result in bad advice, multiple credit inquiries, maybe even getting under contract, only to find your loan officer has only been on the job for 6 months and learning on you. Do not blindly put your SSN on any website.
Oh I did that with RocketMortgage are they not trust worthy?
Oh I did that with RocketMortgage are they not trust worthy?
They are fine, but there are many, like Lending Tree, who broadcasts the information to a dozen lenders. Once the SSN is entered, the consumer has no control. You did Rocket and it worked for you. You were lucky. Even so, I would never recommend any first time borrower go online.
They are fine, but there are many, like Lending Tree, who broadcasts the information to a dozen lenders. Once the SSN is entered, the consumer has no control. You did Rocket and it worked for you. You were lucky. Even so, I would never recommend any first time borrower go online.
Excellent advice - and I say that as someone who actually sold mortgages and refi's with an online brokerage!
They are fine, but there are many, like Lending Tree, who broadcasts the information to a dozen lenders. Once the SSN is entered, the consumer has no control. You did Rocket and it worked for you. You were lucky. Even so, I would never recommend any first time borrower go online.
Thanks for the information. I just liked the idea of typing in my info in private and having a figure pop out in a few minutes. Didn't think of the potential risks.
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Excellent advice - and I say that as someone who actually sold mortgages and refi's with an online brokerage!
