Financing in 55343>Question Details

Ttbraget, Home Seller in Maple Grove, MN

Is there any website where I can fill out the required information and get a prequalification via email?

Asked by Ttbraget, Maple Grove, MN Mon Nov 8, 2010

I just want a general idea of where I stand as far as home affordability before I begin investing other people's time into looking for a home and preapprovals.

I would be a first time homebuyer in the Twin Cities.

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Robin, Rudy, and Susan,

Thank you for the prompt replies! I went ahead and filled out an application for a local loan officer and he will be providing me a free prequalification shortly. Thanks for the help!

Thank you,
Travis Braget
0 votes Thank Flag Link Thu Nov 11, 2010
Susan, although potential homebuyers can get an idea of what a home looks like by looking on-line, trying to use a mortgage qualifier on-line doesn't really make sense. Although someone can input their income information, and their debts, it is rare that anyone knows exactly how an underwriter will look at this information, and most likely they also won't know how a loan is priced out to get an accurate rate to use for the calculations. It would make a lot more sense for someone to contact a loan officer to go through everything. Trying to do it online would be like signing a contract without looking at a home, because they liked the way the photos looked online.
0 votes Thank Flag Link Thu Nov 11, 2010
Ttbraget, most real estate websites have mortgage calculators on them. I would start there if you want to get a general idea of how much you can afford based on your debt to income ratio. Try this website:
http://www.firstmnhome.com/java/MortgageQualifier.html

Good luck!
0 votes Thank Flag Link Wed Nov 10, 2010
Hi, Ttbraget

Robin's correct. Any local or locally licensed loan officer should be more than willing to assist you. And given the recent and continual changes in the lending industries, it's always wise to speak to someone directly either face-to-face or over the phone or email. What you're requesting is part of the process and necessary for your information and peace of mind. Any LO worth his/her grain of salt will be readily conscious and agreeable to this. When it comes to gathering the necessary information to make a competent purchase and commitment of this size and nature, you should never feel as if your imposing on anyone.
0 votes Thank Flag Link Mon Nov 8, 2010
Ttbraget, I am sure that any local loan officer would be happy to review your situation, and let you know. I do this for clients all the time, and am happy to do it. If they do not have the time to review things with you and explain the process, they may not be the person who you will want to work with when you do find a home.
0 votes Thank Flag Link Mon Nov 8, 2010
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