Julie, Home Buyer in Saint Petersburg, FL

can pre approval be done online?

Asked by Julie, Saint Petersburg, FL Fri Oct 16, 2009

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7
Hi Julie,

Yes you can apply for your loan on line with many lenders. Some Lenders will give a pre-qualification letter and some a pre-approval letter. Most Sellers or REO bank owned properties require a pre-approval letter and do want to know that credit has been check. I know that Wells Fargo and it's affiliates have an online process. A full pre-approval requires you supplying W2's and paystubs and the lender sending it to underwriting. Different loans-different requirements.

Applying online is great way to get started on your home search. I do encourage you to speak with a mortgage broker directly. Choose someone in the area you wish to purchase. If you need help finding one and you have a professional Realtor they should be able to suggest someone. Local lenders have an insight into the area, just as Realtors do.

When applying online, make sure the on-line lender has a local branch. If a problem or question arises, you want to be able to speak to a real person. Some lenders attend their buyer's closing, an additional safety measure to handle any last minute questions or issues that might come up.

Good luck! If you are looking to interview professional Realtors, give me a call or email me directly.

Sincerely,
Pam Cohn
Broker Associate GRI, CDM
Prudential Tropical Realty
727-204-7155
pcohn@prutropical.com
0 votes Thank Flag Link Fri Oct 16, 2009
I think we're all be a little presumptuous with what Julie is looking for based on her question.

Thomas, that's great info you shared, but she could be a 800 fico borrower with 20% down. Maybe she doesn't want FHA or need cancelled checks. Either way, most borrowers do not know how to calculate DTI, so it could be slighlty confusing. That said, it sounds like you have some great FHA options. I haven't seen a no-score FHA lender for purchases in a while...only streamline refinances.

Julie, why do you ask?
0 votes Thank Flag Link Fri Oct 16, 2009
Although you may submit your application on line a true pre-approval is not valid until all your supporting documentation has been submitted for review. You should be supplying pay stubs, W2's, Bank Statements etc. before the pre-approval is issued. Beware of lenders who only run credit and say you are approved as they only have a piece of the puzzle. Good Luck
0 votes Thank Flag Link Fri Oct 16, 2009
People use different terms for different statuses.

What I call a Pre-approval is different than what others may call a pre-approval.

You can do an application online, just as Luke mentioned. The loan officer can do the electronic underwriting.

I usually call this a Pre-qualification. Again, everybody's different.

I usually don't issue a Pre-approval letter unless I've seen the documentation that supports the figures on the application.

It just depends how much information is shared. The more information given, the more confident you'll be on making an offer.
0 votes Thank Flag Link Fri Oct 16, 2009
Hi Julie. There are two anserws to your questions. A simple pre-approval could be done on-line but for a true pre-approval a lender will want to see pay stubs, bank statement, 401K statements. We have an on-line application that you can fill out and I will be happy to pull credit and se what programs will be best suited for your needs. Afterwards I will call and talk to you and if things look good only then will I ask for your additional information. All ityems can be emailed or faxed if you cannot make it into our office.

Please call me with any questions at 727-502-9400 or email at pery@baylending.com

Hope this helps,

Perry
Web Reference: http://www.baylending.com
0 votes Thank Flag Link Fri Oct 16, 2009
Julie, yes, per approval can be done online. There are a lot of lenders and mortgage brokers that accept online applications
Good luck with your purchase
Anne
0 votes Thank Flag Link Fri Oct 16, 2009
Typically a loan application can be entered online but the approval has to tbe done by the loan originator running the application through an electronic underwriting engine. This can take 5 minutes after the application is done or 5 hours - just depending on when the person can run it through.

However, some lenders may have to send the loan file to an underwriter to get an approval - everyone is different.

If you need help with an approval and want to get one right away, you are more than welcome to contact me.
Luke Allison
Bank of America Home Loans
828-777-8828
luke.allison@bankofamerica.com
0 votes Thank Flag Link Fri Oct 16, 2009
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