Kerry O'neill…, Renter in Lighthouse Point, FL

How do you start the pre-approval process to find out how much you can afford?

Asked by Kerry O'neill - Weigel, Lighthouse Point, FL Wed Apr 11, 2012

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17
Good answer Alma...

Great reference points...

Thanks.
Web Reference: http://www.garyyoungman.com
1 vote Thank Flag Link Fri Aug 24, 2012
Here is one of the best mortgage brokers. Talk to him - and God Luck!

Richard Contreras, President

Home Trend Mortgage Corp.

(954) 524-7960 Phone

(954) 610-7123 Cellular

RichardContreras1@Comcast.Net
0 votes Thank Flag Link Tue Mar 5, 2013
Kerry, I am a loan officer for a bank that is also a mortgage company and live in Lighthouse Point. The mortgage company was founded more than 30 years ago, and the founder opened a bank 10 years ago. This gives us the option to lend directly, or choose a bank that may better suit you in the secondary market. We have to pull credit and get full application to see if you qualify - takes 10 minutes. Your debt has to be 45% of income for conventional loans. It can be higher for FHA.

I take people's word for it at the pre-approval stage, which means I do not require documentation such as pay stubs, W2's etc. We get those if you actually have an offer accepted. However, if someone is self employed or has commission income, I have to verify income with the most recent tax return before I issue a pre-approval.

I am not authorized to use my bank's information on this site, so I anm using my personal contact info below. Please let me know if you have any questions.

Dennis Kelleher
954-278-3978
denlends@gmail.com
0 votes Thank Flag Link Mon Mar 4, 2013
Hi Kerry

Get in touch with your local Credit Union or the many fine agents responding to you.

Plan on getting your last 2 pay stubs, last 2 bank statements and last 2 tax returns.

http://ruthandperry.com/mortgage-loans-refinance

Best regards
Ruth
0 votes Thank Flag Link Wed Jan 16, 2013
Hi Kerry
Call Lisa at 561-400-9478; she owns her own mortgage company, has access to many, different types of lenders and she is very good at what she does....


With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.

Foreclosed Home Owners Become New Crop of Buyers
Home owners who faced foreclosure a few years ago are back, and they increasingly want to buy a home again, mortgage brokers report.
The Federal Housing Administration allows people who have lost their home to foreclosure to purchase a home again three years following a foreclosure.
"It's an interesting phenomenon because, three or four years ago, these people were losing their homes. Now they're out shopping for a new home,” says Chris Apodaca, a California mortgage broker. “It wasn't swift and sweeping legislation that did it, simply a matter of perseverance. These folks waited three years and now they can buy again.”
About 1 million families enter foreclosure every year, according to the Mortgage Bankers Association of America.
Source: Broadview Mortgage/ Daily Real Estate News | Wednesday, January 16, 2013

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
0 votes Thank Flag Link Wed Jan 16, 2013
Hi Kerry! Consult a mortgage lender.
0 votes Thank Flag Link Tue Jan 15, 2013
Dear Kerry,
Contact a Mortgage Broker and they can start that process for you. Here is one that is honest and will tell you just what you will need:
Emmanuel St.Germain
Vice President
Choice Mortgage Bank
(c) 561.400.7317
emmanuel@choicemtgbankers.com
http://www.choicemtgbank.com

Always a pleasure to assist.
Sincerely yours,
Jennifer Sommers, Nestler Poletto Sotheby's International Realty
One South Ocean Boulevard, Suite 11 ⃓ Boca Raton, Florida 33432

O. 561.235.7777⃓ C. 786.390.9299 ⃓ F. 561.997.2614
Jen@AgentBoca.com ⃓ http://www.AgentBoca.com
0 votes Thank Flag Link Tue Jan 15, 2013
Hi Kery,

If you are a first time homebuyer, you may be able to get up to $7,500 to be used towards your downpayment and closing costs from the State of Florida Bond Program. You can verify your eligibility here and also select an Approved Lender that can get you the money:

http://apps.floridahousing.org/StandAlone/FTHBWizard/FTHBWiz…

Also here is a highly respected Ivy League Professor's website that has a wealth of information about mortgages:

http://www.MtgProfessor.com

All the best,
Alma Kee
http://www.SoldOnTampa.com
0 votes Thank Flag Link Wed Apr 11, 2012
The first thing to do would be to contact a lender for home loans. Usually a bank or mortgage broker would be your best option. They'll run a credit report, see how much money you'd be able to afford to put down as a down payment, and check your job history. These three things are all a very important part of the process, however, more may be required if you've ever had any trouble with payments or credit in the past.

Usually a lender will ask for roughly a 3% down payment. However, if you have poor credit they may ask for more, such as 5-10%.

The result of speaking with them will give you an exact idea of how much you are pre-approved for and you can begin to look at homes in your price range.

Please take a look at my blog for more information on the first step: pre-approval process, and how to qualify even with bad credit. Good luck!

Isiah Youngblood, Realtor®
0 votes Thank Flag Link Wed Apr 11, 2012
Hi Kerry,

I sell a lot of real estate in Lighthouse Point! I would start by meeting with Julie Wheeler, she owns Wheeler Mortage Corp and she is a true professional. She will be able to tell you exactly what you can afford as well as once you find a property, she can tell you exactly what your payment will be based on your offering price. Her contact info is 954-422-9400 and her e-mail is juliewmc@bellsouth.net. We work a lot with each other, and I would also love to help you find your home! Call me anytime 954-304-4424. Hope this helps!
0 votes Thank Flag Link Wed Apr 11, 2012
Take a minute to read this about the Pre-Approval process: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr…
0 votes Thank Flag Link Wed Apr 11, 2012
Hi Kerry,

Call Sean Stroud at (954) 850-0500, he is the gentlemen who will tell you exactly what programs you will qualify for.

Jen Babacan
Galleria International Realty
jenbabacan@live.com
Cell (954) 648-7334
0 votes Thank Flag Link Wed Apr 11, 2012
Your first point of contact should be with a mortgage broker who could do a complete analysis of your financials and credit report so that they can accurately advise you on how much you can afford.
0 votes Thank Flag Link Wed Apr 11, 2012
Speaking with a mortgage broker or lender should be your very first step in the home buying process. I suggest you get referrals from friends, family or your Realtor before just picking up the phone and dialing the first person in the yellow pages. Like everything else, there a good, bad and ugly lenders in the business and you want to be working with someone with experience.

You will need to provide the lender with personal information and documentation such as tax returns and pay stubs in order for them to get you a pre-approval for a loan. There are several factors that go into the lender's ability to approve you such as your debt-to-income ratio, credit scores, amount of down payment, etc.

The process should be fairly painless for you but any good Realtor will not really even begin showing you properties until you have been pre-approved.

Best of luck in your house hunting!
0 votes Thank Flag Link Wed Apr 11, 2012
You start the pre-approval process to find out how much you can afford by talking to a lender. Try to find an expert loan officer. This means someone knowledgeable about available loan types and can offer you the best kind of loan for your situation.
0 votes Thank Flag Link Wed Apr 11, 2012
Hi Kerry,
You will need to speak with a mortgage broker or lender to determine what you can comfortably afford for a mortgage and to obtain a pre-approval letter. Initially, you don't have to use the services of that lender but they will ask you for some financial information as well as pull up your credit report.

It is always best to shop around for your mortgage as some lenders offer different programs and they charge various fees. Choosing one that you can meet face to face as opposed to an on-line lending service may be more helpful. Select the one that offers you a good package, who communicates well, and that you feel most comfortable with.

Good luck!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Wed Apr 11, 2012
You can contact any number of lenders in your area. This would include banking institutions, credit unions and mortgage brokers. Add to that any number of lending institutions on line. Contact them with the idea that they need to sell you on the idea of using their services. Shop the lenders. There are many options. Take advantage!
0 votes Thank Flag Link Wed Apr 11, 2012
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