Home Buying in Germantown>Question Details

Ayo, Home Buyer in Germantown, MD

Loan officer says i am pre-approved for a loan, but will not give me a pre letter. He even put me in contact with a realtor. Is this normal???

Asked by Ayo, Germantown, MD Fri Mar 2, 2012

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I often just say to myself "What is this" at the questions we get asked on the Q&A forum. The loan officer is oviously saying he wants you to use a realtor he has a relationship with and wants to control the referring process between the loan officer and realtor.

Ask again for "YOUR" pre-qualification letter or your moving on to another loan officer. If the loan offers objections to your request say thank you and move on. You won't need to tell the loan officer why....let him figure it out later. I have worked with CONTROLLING loan offcers.....it never turned out well for the buyer.

Greg Myers
RE/MAX Realty Group
1 vote Thank Flag Link Sat Mar 3, 2012
No it's not normal to say you are pre-approved and not give it in writing. Something is wrong. You should talk to other loan officers but ask the LO now why you can't have a letter. Maybe something is wrong. On the referral if a client comes to me for financing and doesn't have a realtor I tell them I can provide a few names based on where they want to live but the choice is theirs. Same thing happens when realtors refer to loan officers. Hope this helped let us know if you need more.
Thanks
Brent
Web Reference: http://www.monarchmtg.com
0 votes Thank Flag Link Sat Mar 3, 2012
This is not normal. Insist on a pre-approval letter and an estimate of closing costs. If you can not get this information, you are not working with the right lender.

If you would like a lender referral, contact me and I will give you several top loan officers to talk to.
0 votes Thank Flag Link Sat Mar 3, 2012
Hi, you have every right to get a letter..Sometimes brokers do this because you haven't found a home yet and when you make an offer you want your letter to reflect the amount you are offering. It also sounds like the broker is trying to have you use people in his network. You can work with anybody you want, always remember that.

Chris
0 votes Thank Flag Link Sat Mar 3, 2012
Good Morning Ayo:

Every loan officer is different in their procedures. It is totally up to you which Real Estate Agent and Loan Officer you decide. The loan officer must have a working relationship with this Realtor. I don't understand why he will not get you a generic pre-approval letter so that you can share with your Realtor. It's important that the Realtor knows what you are approved for and what amount you feel comfortable with. I'm sure this loan officer told the Realtor how much you were qualified for if they have a working relationship.

There are so many options out there in purchasing your first time, that you should shop around for your loan officer and your Realtor to find the best fit.

If you would like to discuss further, please feel free to call me or e-mail me and I would be happy to speak with you. PattySmith@mris.com or (240) 876-3424. Have A Wonderful Weekend!
0 votes Thank Flag Link Sat Mar 3, 2012
Ayo,
The process would require a realtor to assist in helping you find a property in
your budget. Then you would get the
pre approved letter from lender to submit with your purchase offer. Let's
Get together and allow me the opportunity to explain the process of buying a home in todays market.
0 votes Thank Flag Link Fri Mar 2, 2012
Hi Ayo,
Most lenders provide their approved clients with a preapproval letter. It provides the homebuyer with key information such as the maximum loan amount, anticipated interest rate and down payment and closing costs, type of loan, expiration date of that preapproval, and other details. For agents, it provides documentation (or "proof") that the client can actually make a purchase. In most instances, preapproval letters also accompany offers for purchase.

If you've completed the application and have been approved, I can't see any legitimate reason why you wouldn't receive your letter.

Good Luck!
Web Reference: http://www.findmdhouses.com
0 votes Thank Flag Link Fri Mar 2, 2012
Sounds weird.... Did he "approve" you at the amount you are looking to purchase a home for? Did he say why he would not give you a letter?
0 votes Thank Flag Link Fri Mar 2, 2012
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