Home Buying in 95747>Question Details

KD, Home Buyer in

Is it okay to submit multiple Pre-approval requests?

Asked by KD, Sun Jan 20, 2013

I am a first time home buyer and one realtor contacted me today.
She asked me to get pre-approval letter. I had actually, from Trulia.com, submitted a request in December 2012 and did not get pre-approved due to low credit score.
However, my credit score has now increased above 720 and would like to know whether submitting a pre-approval request again would do any harm?

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Answers

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Hi KD, i would get a lender referral from your agent. He or she should have a loan consultant that they've worked with in the past that would also be a good fit for you and your personal financial situation. I recommend, you and your agent sitting down together with the loan consultant they refer you to so you start your new home search with your own personal real estate team behind you.
0 votes Thank Flag Link Wed Aug 27, 2014
How close must one be to the edge of a cliff before they are exposed to harm?
This question posted Jan 2013

This is the pathway to harm you are choosing. Don't do it.

Contact a local REALTOR and chat about your situation, your real estate needs and your perspective regarding your credit score.

Your REALTOR will be able to direct you to a proven lending source for folks in your situation, with your credit score, at your income level needing to buy the same type of real estate. Your REALTOR will hold the lender accountable for the outcome. You can not hold an online lender accountable for anything.

ALL lenders will run your credit and accept your application but not fund all types of real estate. Don't start the process backwards. It is an assured way to be abandoned at the buyers alter by your lender.

Have your REALTOR introduce you to the lender who can create for you the most authoritative purchase offer. This is one backed by a "CLEAR-TO-CLOSE" not a pre-approval. This makes you very competitive with cash buyers allowing you to close in days, not weeks or months.

Your can find many exceptional REALTORs right here on Trulia.
0 votes Thank Flag Link Fri Aug 8, 2014
A "pre-approval' is not something you can get online because it requires you submit your SSI,Tax Returns, payrolls stubs and so forth. I doubt you could, or would do that online. Either your Realtor can refer you to their in-house lender, or you can work with your bank to get that taken care of.
0 votes Thank Flag Link Thu Aug 7, 2014
I recommend you do one pre approval with a lender you trust and plan to work with because someone referred to you, or you dealt with in the past.
0 votes Thank Flag Link Thu Aug 7, 2014
I, as others answering below, recommend going to whom you plan on getting your loan through to get a pre-approval. Either your bank, a lender reommended through friends and family or Mortgage Broker in your town. This is some thing that should be done where you can physically see the person you are dealing with and reach easily over the phone. This will make your home buying experince much easier.
0 votes Thank Flag Link Tue Jan 29, 2013
First thing... Use a local and trusted loan officer, stay away from internet lenders or sites that offer them. It will not harm you to do a second one.
0 votes Thank Flag Link Tue Jan 29, 2013
30 min of reseach on Lenders in your area is the best route before you begin. Pick the top 2 or 3 lenders of choice that have the loan program that fits your needs. Call each one and ask every question you might have ( don't have credit pulled until you decide on the Lender). Don't be afraid to ask the questions. You will find out which lender you are comfortable with. Get pre-approved with that lender and stick with them.
0 votes Thank Flag Link Tue Jan 29, 2013
Yes, in today's market you really need to be working with a lender and know what your buying limit is. It is also good to talk with a couple of different lenders and ask them what type of loans they offer. One lender may not be able to offer you a VA loan or a Rural Development loan but they may offer something else such as a land loan or a constriction loan.

It is also important to work with a Realtor who is familiar with all the different loans that are available to you.

Wes Burris
Owner Sierra Brokers Real Estate
0 votes Thank Flag Link Thu Jan 24, 2013
You need to know if you can qualify, unless you have a Residential Mortgage Credit Report (RMCR) you do not have a true reading of your credit.

Get an updated report prior to looking at houses. Below is a link to what an RMCR includes.

http://www.mint.com/blog/credit/what-is-a-residential-mortga…

Best of Luck,

Josh Barnett, Realtor
Metro First Realty
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Sun Jan 20, 2013
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