Pre-Approval Letter ... Am I over-complicating things? (real estate, mortgage broker, credit)

[Pianist718]

I need to submit an offer for a house we like. Real estate agent (buyers agent) is offering his guy from Coldwell Banker. Do I just get it done there or is it smarter to go through someone like a mortgage broker who makes banks compete?

I have no doubt that I'll get pre-approved for amount we're willing to offer.

[camaro69]

Originally Posted by Pianist718

I need to submit an offer for a house we like. Real estate agent (buyers agent) is offering his guy from Coldwell Banker. Do I just get it done there or is it smarter to go through someone like a mortgage broker who makes banks compete?

I have no doubt that I'll get pre-approved for amount we're willing to offer.

I shop suggest to shop around and don't just base it on rate.

[NJtoNYCtoNJ]

If it needs to be done ASAP, go ahead and use his guy just to get a pre approval. Pre approvals mean nothing and there isn't a hard check run on your credit. We had a same day approval from Citi done, took an hour, and made an offer on a house.

Once the offer was accepted, we used the next couple of days and shopped around. We ended up not using Citi and found a broker willing to offer LPMI with a much better rate. Pre approval is just a qualification formality.

[Pianist718]

Originally Posted by NJtoNYCtoNJ

If it needs to be done ASAP, go ahead and use his guy just to get a pre approval. Pre approvals mean nothing and there isn't a hard check run on your credit. We had a same day approval from Citi done, took an hour, and made an offer on a house.

Once the offer was accepted, we used the next couple of days and shopped around. We ended up not using Citi and found a broker willing to offer LPMI with a much better rate. Pre approval is just a qualification formality.

Why did you have to go the LPMI route? Were you not doing the 20% downpayment?

[NJtoNYCtoNJ]

Yep. Put down far less than 20%.

[pinkydapimp]

Originally Posted by Pianist718

I need to submit an offer for a house we like. Real estate agent (buyers agent) is offering his guy from Coldwell Banker. Do I just get it done there or is it smarter to go through someone like a mortgage broker who makes banks compete?

I have no doubt that I'll get pre-approved for amount we're willing to offer.

So to speed things up use there guy. I can also give you a good person(just did a 30 day close) if your interested.

My suggestion going forward if your offer isnt accepted, get fully underwritten prior to looking. This way, when you submit offers going forward, your offer will be much stronger since you have already had full underwriting and you can also potentially close in 30 days.

Good luck!

[Pianist718]

Originally Posted by pinkydapimp

So to speed things up use there guy. I can also give you a good person(just did a 30 day close) if your interested.

My suggestion going forward if your offer isnt accepted, get fully underwritten prior to looking. This way, when you submit offers going forward, your offer will be much stronger since you have already had full underwriting and you can also potentially close in 30 days.

Good luck!

I'll have to do a bit research on what you said. I have 0 knowledge about that subject