Financing in New York>Question Details

Mary, Home Buyer in New York, NY

Where to start seeking pre-approval for a mortgage? Big banks like HSBC & Chase?

Asked by Mary, New York, NY Sat Mar 19, 2011

First-time home-buyer...and we're totally clueless about how to start seeking pre-approval for a mortgage. probably need at least $350,000 and maybe up to $600,000 from mortgage and 15-yr payment plan. FYI, we plan to pay ~$300,000 in cash for a 2Br condo priced btw $650-950,000. Do we start with big banks like HSBC, Chase, BOB? or should look other places? If then, where? We have great credit scores with a combined income ~$300,000/yr (pre-tax) and no debts. Also, when we ask for pre-approval for a mortgage, would our credit scores be damaged by the mortgage companies' credit-pulling'?

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11
Michelle, I would suggest that you consult a licensed mortgage originator. There is nothing wrong in using a big bank except they may ultimitely be unable to do the mortgage if they hold to many mortgages in the condo association. A broker can check which lender is able to do mortgages in the condo association you decide to buy in.
0 votes Thank Flag Link Tue Mar 29, 2011
Michele,
You have to understand that you are in the drivers seat. Banks big and small will vie for your business. It is just as important to all the specific questions and facts that you posted online. I am a banker who works at a small niche bank in White Plains, New York. I lend in 17 states and I speak to people every day all over the country who just do not like dealing with the large big banks. The fact of the matter is that most mortgages are eventually sold in pools to the larger banks or directly to Fannie and Freddie. So working with a lender whom you can get the best loan with is what matters. What you would want to know right at this moment in time is how do I find that Loan Officer whom I can meet with and whom will explain the process to me. Well this was a good idea to post on Trulia. Many professionals like me read blogs, and answer questions to be informed, and to meet clients. Interest Rates and Costs are easy to compare, but service and working with someone you trust is paramount.
As far as whether you should run your credit with everybody you speak to in order to get Pre-Approved, the answer is you should not. You know that your credit is good. Most lenders can approve a loan with a score of 620 or better. If you have not seen your credit report, go to freecredit report.com. These are not the same "type"of reports a lender will use, however what you want to know is a) your scores from all 3 bureaus, b) are there any issues such as late payments, public records, or inaccuracies. The relevent thing to understand is the total amount of your monthly obligations. The reason the monthly obligations is important is because that is how a bank qualifies your debt ratios.
Please call me directly at 914-202-4861, or email me at pbrown@rhfunding.com and we can have a private conversation.
Best of luck,
Peter Brown
Residential Home Funding Corporation
0 votes Thank Flag Link Tue Mar 22, 2011
You can consider beginning with the bank you currently use, or consider a mortgage broker, they have access to multiple lenders.
0 votes Thank Flag Link Mon Mar 21, 2011
Any time your credit is pulled will always lower your scores.

GREAT for downpayment HOWEVER much more is consider for loan approval.

Contact a mortgage broker, complete the loan application proceed with their recommendation

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Mon Mar 21, 2011
check your local Realtor for some bank and Mortgage Broker packets and then compare the programs, offers, and rates.
0 votes Thank Flag Link Mon Mar 21, 2011
I would recommend HSBC, I have seen a history of happier owners with thhem that with Chase.
0 votes Thank Flag Link Mon Mar 21, 2011
I agree with Ralph, banks are fine but limited because they strictly sell their own products without offering you other options. I suggest you contact Jacob Letowsky of Metlie, he's at jletowsky@metlife.com, 917-908-6996 or Patricia Lavigne of Manhattan Mortgage, she's at plavigne@manhattanmortgage.com or 212-745-9012. Please note I do not receive any compensations from my referrals, best of luck.

Tony Lara
Licensed Real Estate Salesperson
Rutenberg Realty
tlara@crrnyc.com
0 votes Thank Flag Link Sun Mar 20, 2011
Hi Michelle,
I can send you a list of mortgage brokers that I have worked with in the past that work with coops and condos in Brooklyn. They make the process run smoother since they know which bank will lend on a particar building (yes, buildings need to be approved as well as buyers). The best way to do this is to call one or two of those mortgage brokers, and see who will work best with you. Pulling your credit score twice or three times won't affect it. I'd love to go into more detail with you, so please don't hesitate to call me at 718-744-7944 or email me at rvanstraten@Elliman.com.
Best Regards,
Rita van Straten
Web Reference: http://Elliman.com/rvs
0 votes Thank Flag Link Sun Mar 20, 2011
With respect to different institutions checking your credit, you can certainly check with up to three without it affecting your credit rating.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
http://www.c21princetonproperties.com
0 votes Thank Flag Link Sun Mar 20, 2011
The major difference between a bank and a mortgage broker is that a mortgage broker can offer you many different types of loan packages while a bank can only offer you the products they have. I have a contact at both Bethpage Federal Credit Union and Continental Homes Loans. I would be happy to provide you with their information. I have been in the business for about ten years and I have used both of these people on many occasions and found them to be accurate, honest and responsive. In real estate, surprises are always expensive so be careful who you use. I would be happy to provide you with their information. Feel free to contact me at your convenience.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Senior Real Estate Specialist
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
http://www.c21princetonproperties.com
0 votes Thank Flag Link Sun Mar 20, 2011
Michelle,
You can start by checking with the bank you currently use. They will have much of the information necessary making it a bit easier on you in gathering documentation. If the quote they offer doesn't look attractive compared to what you may see advertised, ask your agent for a referral to a good mortgage broker.
0 votes Thank Flag Link Sat Mar 19, 2011
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