Home Buying in 32608>Question Details

Pmilleritm, Home Buyer in Gainesville, FL

I am nervous about my financing and have already signed a contract. Can I apply at more than one lender in case one does not give me approval?

Asked by Pmilleritm, Gainesville, FL Mon Jul 14, 2014

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I know that it is not wise to start the home buying process without understanding your buying power. Before you start looking for a home, you should speak to a realtor and a lender to understand whether it is a good idea to purchase at this time. Here's the deal, if you are shopping for a home loan, you can search through a few lenders within a small window of time, more like a few days. However, depending on the type of loan, there will be some consistency in minimum credit score requirement especially with FHA, VA, and USDA home loans.
0 votes Thank Flag Link Fri Aug 14, 2015
If your working with a buyers agent I'm at a loss to understand why you were encouraged to sign a purchase contract without already being pre-approved by a lender. If you're working with the sellers agent you've already made one huge mistake and so have they; as again they should never have permitted their seller to sign a contract without a letter from a lender that you were pre-approved.

Moving forward do not make multiple applications but it's fine to inquire of multiple lenders regarding their terms. If you do have a Buyer Broker speak with them immediately and ask for their suggestion as to the best lender to work with. The best advice I can offer you is that if possible work with a credit union if you can as their the most accommodating. under no circumstances should apply for a mortgage with one of the big banks (wells Fargo, BoA, Suntrust etc as their the absolute worst to deal with and even well qualified borrowers are rejected by these banks.
0 votes Thank Flag Link Tue Sep 30, 2014
I would not "apply" with more than one lender, but you can definitely speak with multiple lenders for a pre-approval. This is a great way to compare different programs & make sure you are using your best financing options.
Once you do a full application with a lender you will start having to pay application fees & it should not be necessary to do this with more than one lender.
0 votes Thank Flag Link Tue Sep 30, 2014
Sure! The pre-approval process won't effect your credit up front. once you make your selection, they will do their due diligence and that's when you're credit will take the hit. Options are a good thing!
0 votes Thank Flag Link Tue Sep 30, 2014
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