call an appraiser and ask who he trusts, they work with 100s of brokers

First go to your credit union. Second go to a direct lender, a bank, and shop around. If you can't get a loan from these folks definately get advice from a financial advisor who is an expert in real estate investment and who does not sell real estate or lend money or affiliated with same. Think twice before you go to a mortgage broker or banker. And purchase from an investor's perspective.

Check with a local real estate agent who will have several names of reputable lenders. Their referral will allow you to find a lender who is competitive with their interest rates as well as their closing fees. Both your real estate agent and your lender will work closely throughout the purchase process to ensure a smooth closing. If a family member is co-signing on a mortgage they will also have to be qualified. Some loans allow gift money as a down payment. Your mortgage professional will best advise you on loan choices. Good luck and happy house hunting.

I have used Albert Khanimov (Funding Unlimited)and he is very professional.
His number is 718-459-9300

Actually, a pre-approval in this market needs to include not only UNDERWRITING APPROVAL, but also an interest rate and program lock confirmation. Banks are honoring locks within their specified time period, but few are granting extensions of time and quite often discontinuing or changing guidelines without any warning. Maha, you definitely want to work with a mortgage broker who is watching the market and keeping in step with these changes.

Thanks Elvis. Actually my buyers have had their credit pulled so it is probably more of a "quickie" preapproval that they go through before beginning the home search. Very helpful as always...

Actually, I have to agree with Gail.

PreQualification is simply based on a conversation that clients have had with their lender. And based on that conversation (What is your income? What are your debts. Do you know your credit score?...) the lender is saying "if everything they told me, about their financial status, proves to be correct, then they would qualify for a $350,000 loan".

PreApproval is based on all of the above PLUS, they've now pulled credit & credit scores, confirmed employment, verified assets and debts.

As the seller, which would you rather see? A prequalification gives you the buyer's OPINION of their financial position. A preapproval gives you the lenders CONFIRMATION of the buyer's financial position. In the Chicago area, we're not completing contracts without a preapproval. In fact we're not even negotiating contracts without a preapproval. Is a prequalification "worthless"... maybe not, but it's not exactly "valuable" either.

Gail,

Worthless is a pretty strong statement. I work with prequalified buyers daily and haven't had any problems getting the mortgage commitments after contracts are drawn.

Do not get a prequalification...they are worthless. Get a full pre-approval. Better yet, get a full pre-approval with only two contingencies...a contract and an appraisal.

Find a loan officer or mortgage broker who understands this concept or do not use them!

If you would like a referral to help you through this, feel free to contact me offline gail@gailgladstone.com

Do you have a buyer's agent? If so, ask them for a referral to a qualified mortgage broker in your area. If your parents cosign for you they will have to pre-qualify also. Gift income is another issue. You will want to sit down with a mortgage professional and discuss all of your options. Good Luck!

sorry ummm....what do you need again