Rosalynn, Home Buyer in Zachary, LA

How do I start the prequalification process?

Asked by Rosalynn, Zachary, LA Mon Oct 8, 2012

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This question is about this property: http://www.trulia.com/property/3095294774-14268-Stone-Gate-D…

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Answers

8
You can get started by either going to a mortgage broker or a local bank. There are many documents and information that you will need to gather eventually for purchasing a home so you can get many of those together. The more information you have ready the easier it will be for the prequalification.
0 votes Thank Flag Link Sat Nov 24, 2012
First is to learn about the process. Find a local first time buyer class or seminar and get all the local info. Good Luck
0 votes Thank Flag Link Thu Nov 15, 2012
Go to this website and apply online: http://www.topflitefinancial.com/terance

This guy is one of the best loan officers in the city. You can also have your credit pulled. He is very efficient.
0 votes Thank Flag Link Thu Nov 15, 2012
Working with an experienced agent that will guide you through the process is the first place to start. Doing it on your own you may not always get all the information you need or the best deal.
Getting a list of local recommended lenders that will work hard to find you the best loan option available, then you decide on who you want to work with to get your pre-qualification completed for you. As an expert in the field of real estate I have worked with several great lenders and some not so good, so there is a difference. Let me guide you through the process; working with a buyer's agent is a free service to you.
Best Regards-
email me at naengle@kw.com for more info.
natashaengle.com
0 votes Thank Flag Link Tue Oct 16, 2012
I know I'm going to irritate some mortgage brokers here… but hear me out: We have a lot of foreclosures in the market, Wells Fargo and B of A seem to be connected to a great deal of them. Chances are, if you end up bidding on any bank owned properties, you'll need a mandatory pre approval from one of these two at one point or other. I would start there to get a base line, and a pre approval certificate that you can shop with. Now… don't stop there. You most likely won't get the best deal possible from these two (sometimes you will, though), but you want to shop around. Keep a file with a full copy of everything you've already provided to your pre qualification lender, including your loan application. Pretty much any lender is going to need the exact same things. That makes it very easy to resubmit your file to another lender to shop rates once you have a property in contract. Maybe you'll find that your original lender has the best deal for you… maybe not.

Now, if you have a particularly difficult file…one where a great deal of time has been spent by your original lender of choice, and your approval is questionable at best, please consider that before just jumping ship for an eighth of a point in discount…. don't use people, it's bad Karma. On the other hand, there is nothing, whatsoever wrong with shopping rates to be sure you aren't being taken advantage of. My last bit of advice is this: Don't necessarily discount a Realtor's advice. I've, personally, never taken a penny either above, or under the table to recommend a lender, however I most certainly have recommended lenders who do a better job, have a cleaner, easier process, treat my customers better and consistently have the best overall package and rates for my clients. Sometimes the "process" at the big banks, and many mortgage brokers is unnecessarily painful.

Good luck to you -
0 votes Thank Flag Link Mon Oct 8, 2012
Rosalynn meet with a good lender. Preferably a local lender with in-house under writing. In my opinion they tend to close faster than the big national chains. The rates are for the most part set so there isn't too much difference from one lender to another...however, their closing costs do vary so for that you can shop around. But a good lender can help you evaluate your credit score and guide you on how to improve it if you need to. They can also give you an idea of what your monthly not will be depending on the price of the home you buy.
If you would like some referrals I can help you there...
Call text or email me:
(225)931-7607
margie@townfavorites.com
0 votes Thank Flag Link Mon Oct 8, 2012
The first step is to find the right loan officer that you feel comfortable working with. You can get a loan from a bank or credit union or a local mortgage broker. It is good to find someone that has in-house underwriting if possible. Once you find the right lender then you tell them you want to get pre-approved. That is when they run your credit and collect your financial info, etc. Do not let several lenders run your credit; only do it once if possible in a 6 month period. I'm glad to help you find the right mortgage contact! I am glad to help you continue the home buying process which you get pre-approved too! Just email me at alaborde@cjbrown.com
Thanks!
Ashley
0 votes Thank Flag Link Mon Oct 8, 2012
Very easy. Go to your bank! Just that simply.... and beware of any realtor telling you to use "their guy"
0 votes Thank Flag Link Mon Oct 8, 2012
I'll have to disagree somewhat. Not all banks or credit unions offer all products that are available in the mortgage industry to their clients, shopping is the best option. As a REALTOR who has sworn to a code of ethics, and someone who has worked with some excellent lenders I hold my recommendations extremely high and always give my clients more than just "one guy" to choose from, actually several. If you are a buyer I'd like to help in your home search and to prove to you the value in what I do for my clients. And again working with a Buyers Agent is a free service to you.
Flag Tue Oct 16, 2012
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