Home Buying in Indianapolis>Question Details

Lynn, Home Buyer in Indianapolis, IN

I am looking to buy a home and I talked to a Mortgage Broker here in Indianapolis and I have not heard anything in 2 weeks.

Asked by Lynn, Indianapolis, IN Wed Apr 17, 2013

First time Home Buyer. I have called and emailed with no response, I am concerned because they have already pull my credit report. So should I wait a little while longer because of the lenders they may be contacting or should I try another lender. I am not sure if I am being impatient, they are a big Mortgage Lender. Thanks for the response.

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Hi, Lynn: That's very unusual. Most of the lenders I work with can give at least a preliminary answer on a buyer's qualifications the same day. If you want to stick with this lender for some reason, call and ask to speak to the supervisor of the person you dealt with and let them know you're unhappy with the responsiveness. Alternatively, I would consider looking for another lender. Perhaps you could ask a Realtor who specializes in the area in which you want to buy to give you a lender recommendation. She or he will know who does a good job in your part of Indianapolis. Best of luck, Lynn.
0 votes Thank Flag Link Wed Apr 17, 2013
I would personally look for another lender. You have a life also. If you are looking for an agent to help you with your purchase I recommend Jamelle Walker. He is great at what he does.
Phone 317-453-0917
email : jamellewalker2002@yahoo.com
website: jamellewalker.kwrealty.com

Best of luck
0 votes Thank Flag Link Sun Jul 7, 2013
Lynn,
I can recommend a great lender. Thommas Hammond with Caliber funding. He would be able to help you much better than any of us can. Let me know if you want his contact info.

Kord Golliher
317-430-7885
kgolliher@callcarpenter.com
0 votes Thank Flag Link Fri Apr 26, 2013
By the way, Have you seen this Lynn? http://www.trulia.com/mortgages/Indianapolis,IN/?

Another resource for you provided by Trulia.com
0 votes Thank Flag Link Thu Apr 25, 2013
Unless it was being given to me for free you would not catch me waiting 2 weeks for service that I assure you. There are other options out there and I would immediately reach out to another lender first thing tomorrow. I would not worry so much about your credit already being pulled unless you have a low credit score. In which case you will most likely be limited to fewer loan products anyway if at all. Truth be told, until you get with an awesome lender to run your information through desktop underwriting you will never know. Keep in mind that credit bureau understand that the consumer may shop around for different loan products. Once you actually have the loan those soft pulls usually get eliminated from your credit score algorithm.
0 votes Thank Flag Link Thu Apr 25, 2013
Lynn,
I would shop around to different lenders. This seems unusually long for a response. As many have said, most lenders can give you a response of some sort within a day or so.

If you need any recommendations, I'd be happy to refer you to some local loan officers.

Mallorie Wilson
Associate Broker
Century 21 Diversified
0 votes Thank Flag Link Thu Apr 25, 2013
Hi Lynn,

I can't believe there are 18 answers here! I guess everybody's sitting
at their computers. I'm right in between things and so can't read
all the responses.

But I want to be certain you get to a lender who values your time. The
lenders I use would never ding your credit and then leave you without
any word.

You were wise to go for your pre-approval. Don't let this lender's
poor performance sideline your plans.

If you don't already have a list of good lenders, please, please, please
ask me to give you mine.

Best Regards,

Marita

Marita Topmiller
Assoc Broker

317.513.4652 - cell / text
0 votes Thank Flag Link Thu Apr 18, 2013
I would call someone else. That is not good service. I am glad to recommend you to a Lender who is awesome and I trust. I have worked with her for 15 yrs. Staci Ostendorf at Access National Mortgage. 317-989-4411. Tell her Dawn Schnaiter with Re/Max sent you.
0 votes Thank Flag Link Thu Apr 18, 2013
Frank you should build! http://www.pettycustomhomes.com
0 votes Thank Flag Link Thu Apr 18, 2013
Keep calling. Maybe the mortgage broker is out of town, in which case he or she would have someone pinch hitting. If you still don't hear anything, ask for the manager or the president of the company. We are in a customer oriented business, and there is no excuse for a consumer to have to make repeated calls with no response. If you are working with a real estate agent, please ask that person to make calls also. Good luck and best wishes.
0 votes Thank Flag Link Thu Apr 18, 2013
Oh, MY GOSH! Technically they are to respond back within 72 hours. I am not sure if that is a RESPA rule or a specific Lender agency rule..but they should NOT leave you hanging for 2 WEEKS. Good news or bad they have an obligation to tell you the results. I know an Excellent lender Jack Overy of Caliber Funding (317) 550-2306 or cell (317) 590-7858. By all means call him.

I can certainly help you with the process too. If you wanted to used IHCDA down payment assistance "Next Home" it does require a minimum credit score of 650. If you were to find out your credit score is below 640 which seems to be an industry norm for lenders to set as a minimum you can work with INHP (Indianapolis Neighborhood Partnership) They finance scores as low as 570 and you can do a 3% down loan with escrow for any repairs the seller won't agree to do. It is awesome. I had a gal use them and she qualified for an extra $10,000 based on her income. INHP the rep there is Janai Roberts (317) 610-4625 she would want you to apply online http://janai.inhp.org .

Hope this helps. Call with any other questions. Jackie Lovell (317) 332-7547
0 votes Thank Flag Link Thu Apr 18, 2013
Hello Lynn, regardless if you Qualify or Not, you should have heard something by now. I work with Home Buyers in Marion, Morgan, Johnson and Hendricks Counties. I would be more than happy to assist you with finding a Finance Company that will respond and also offer advise if needed.

Christina Patton Correll
317-997-2832
Keller Williams Realty
P4904@aol.com
0 votes Thank Flag Link Thu Apr 18, 2013
The lender should at least inform you of results from your credit analysis.You may want to try someone who will provide feedback to you. Send me an email at hcrsells2@yahoo.com and I'll get you a list of lenders who respond quickly.
Anna
0 votes Thank Flag Link Thu Apr 18, 2013
Call me and I will see if I can help. 317-446-4666 (John).
0 votes Thank Flag Link Thu Apr 18, 2013
Lynn, you should have heard from them by now and hearing that they won't respond to your calls or emails is disturbing to me. I work with reputable lenders and they do not act like this. Lynn, I'd be happy to help you with finding a lender who will get you your answers quickly, and will work with you in financing a property for you. The fist thing you need to do, as you already know, is to secure your funding and then you can look for a house to buy.

Give me a call, Lynn. I can help you with anything you will need in finding a home, and you won't be ignored or disrespected by a failure to return your calls or emails.

Julie A. Barnett
Broker Associate/REALTOR
Prudential Indiana Realty Group
jbarnett@prudentialindiana.com
website: jbarnett.prudentialindiana.com
(317) 847-0055 (cell)
(765) 769-5565 (office)
Download my free mobile app: text HL6 to 87778
0 votes Thank Flag Link Thu Apr 18, 2013
Lynn, you should have heard from them by now and hearing that they won't respond to your calls or emails is disturbing to me. I work with reputable lenders and they do not act like this. Lynn, I'd be happy to help you with finding a lender who will get you your answers quickly, and will work with you in financing a property for you. The fist thing you need to do, as you already know, is to secure your funding and then you can look for a house to buy.

Give me a call, Lynn. I can help you with anything you will need in finding a home, and you won't be ignored or disrespected by a failure to return your calls or emails.

Julie A. Barnett
Broker Associate/REALTOR
Prudential Indiana Realty Group
jbarnett@prudentialindiana.com
website: jbarnett.prudentialindiana.com
(317) 847-0055 (cell)
(765) 769-5565 (office)
Download my free mobile app: text HL6 to 87778
0 votes Thank Flag Link Thu Apr 18, 2013
This is unusual. Get your info, credit reports .. Etc from lender. I work with top lenders. I would be happy to refer you to a couple.

Please call or text me..

Thanks!!
Tiff Atkinson
Real Estate Broker
317-612-4546
0 votes Thank Flag Link Thu Apr 18, 2013
Hey Lynn,

By now you know that that is not normal or professional behavior for a lender. I can recommend a couple very good lenders than can get you prequalified in minutes if you meet the requirements. If the lender does not get back to you, I recommend going in and physically getting your credit report from them, and taking it to another Mortgage Broker. Give me a call if you have any questions, or want a couple of recommendations. In the mean time you can download my mobile app to get a jumpstart on your home search.
http://app.callcarpenter.com/kordgolliher

Kord Golliher
Carpenter Realtors
317-430-7885
kgollihe@callcarpenter.com
0 votes Thank Flag Link Wed Apr 17, 2013
Agents that have shared that home mortgage loan checks, like car loans, are handled differently than other types of credit inquires are correct to a degree. Unfortunately lenders have different scoring tools and it's hard to know for sure if there will be a negative impact or not. with each inquiry.

Some scoring tools count all credit checks for homes or cars within the 14 day period immediately proceeding you taking out a loan as only once incident. Other tools look at the 30 day period right before the loan itself. But for either of these to be applicable the individuals pulling the credit must enter the correct inquiry code which often times does not happen.

Bottom line good lenders are happy to use credit reports from other lenders to quote you rates and terms to minimize the potential for hits on your scores. Great lenders are happy to give you a copy of the reports to use to shop for the best terms and conditions with the competition.

Personally if a lender is unwilling to give you copies of your information to share with other lenders i would strongly encourage you to move on to the next lender.
0 votes Thank Flag Link Wed Apr 17, 2013
One reason we recommend you seek a local lender that is referred by your Realtor.
0 votes Thank Flag Link Wed Apr 17, 2013
No offense but I don't get the customer service nor do my clients from the BIG mortgage lenders. I have 2 local lenders that I work with for the sole reason that they are top notch in customer service and my clients are always happy at closing. Buying a home should be a positive experience including the service you get from the lender. As long as your credit reports are pulled for the same reason (i.e Mortgage approval) it will not impact your credit score. I had a client call 2 on Monday and she got a preapproval from both just because it happened simultaneously. If you'd like to email me I can give you some names of lenders that I know will take good care of you. ktomyn@c21scheetz.com
0 votes Thank Flag Link Wed Apr 17, 2013
Each time a lender pulls your credit it hurts your credit a little so you are correct to be concerned about allowing lenders to pull your credit as part of this process. Unfortunately this lender is indicating how they will be to work with during your purchase and frankly there is enough stress already in this process to add a "partner" who is just making things worst!

I would suggest you check out the 10 questions you should ask any lender before selecting another one. http://www.cityhomesandlifestyle.com/10-questions-to-ask-a-lender/ You may find other useful information on my site.

I also would suggest that you contact the lender who has handled 90% of my clients over the past several years including my own personal home loan. He consistently gets rave reviews and works with the 4th largest home mortgage lender in the USA.. If you can get the current lender to give you copies of the credit reports they have already pulled then the lender below will use that to provide a quote to you without pulling your credit. Ultimately they and other lenders will have to pull the credit at mortgage application.. but this way you can identify lenders before you let them further negatively impact your credit scores.

If you have questions about any of this feel free to email or call me and good luck with your move to Indy and your search for a new place

Joe Harvey
Prime Lending
Loan Originator
Like - 21 Day Close
jharvey@primelending.com
317-502-1510 Cell
317-810-0538
Toll Free 800-244-2185
Fax 877-267-5996
Apply on line: http://www.joeharveymortgage.com
0 votes Thank Flag Link Wed Apr 17, 2013
Lynn, there is no excuse for that kind of unresponsiveness from a lender. Those I work with are expected to return calls same day and deliver an approval (or guidance with credit repair if necessary) in 24 hours or less. They are great loan officers with good programs and good rates. I can put you in touch with some of the best. I would like to know where you're looking and some other details before I send you a referral so I can put you in touch with the right lender with the right program for your goal. Please email me at jblandford@callcarpenter.com or call 317-873-5554 and we will talk. Jennifer Blandford, Carpenter Realtors.
0 votes Thank Flag Link Wed Apr 17, 2013
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