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We've begun the process of getting pre-approved by our bank, with whom we have two other mortgages (one is a rental, one is our current primary residence.) We had a great deal of success using their in house brokers in the past and the process was simplified by all of our financial info being readily available to them through the bank. I sent supporting documents in more than a week ago and had no response, then sent them again and have been told via email "you are pre-approved" followed by an inquiry about what price range we were looking in (WTH? isn't it his job to tell me what amount we are pre-approved for?!?). I responded immediately and haven't heard back for several days. Is this normal? Last time i requested a pre-approval I had letter in hand within 72 hours of sending in supporting documents and was offered competitive rates. My realtor thinks the lack of communication is ridiculous and has recommended we go with a different broker who will actually respond to communication. Would I be wrong to find a new broker in this situation? I get he may be waiting for a response from underwriting about our borrowing limit, but I'm really reluctant to engage with someone who is so slow to respond.
Time to leave black hole mortgage. Find someone that will treat your information for your most important investment with the respect it deserves. This is true whether 50K or 500K. By staying there, you are saying it's okay to treat you that way. Move on, too many people at other companies want your business.
You need a lender who is responsive. From the lenders we work with most often, we actually get a letter specific to each offer, with the property address and the offer amount in the letter. And we can usually get that delivered to our email in about 5 minutes, with a phone call. That's what our marketplace demands in order to include the letter with the offer... not 72 hours! It'll go to someone else by then.
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