Home Buying in Atlanta>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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No. That is not normal and he is being counterproductive at best. The whole point of the Pre-Approval process is to specifically outline to you what loan programs you qualify for, how much you qualify for, how much down payment you can expect to pay, estimated monthly payments, closing costs, etc.

If he refuses to provide you with all of this in writing as well as a Pre-Approval letter then you need to find another lender. Take a minute to read this about the Pre-Approval process: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr…

If you need a lender in MD that will provide you with the service you deserve please contact me and I will be happy to offer you guidance.

Elliott R. Oliva
Mortgage Banker | nmls#353884
Stearns Lending, Inc.
202.681.1636 direct
novamtg1@gmail.com
"Se Habla Espanol"
1 vote Thank Flag Link Fri Mar 2, 2012
You did it backwards. I would ask your Realtor to introduce you to the loan officer they trust the most and work closely with the LO to get where you want to go. It is hard enough to get a deal to the closing table when you are working as a team. Good luck,
0 votes Thank Flag Link Mon Mar 5, 2012
Hi Ayo,

He should have given you the price you're pre-qualified for and it is customary for the loan officer to provide pre-qual letters that match the offer price of the house.
0 votes Thank Flag Link Sun Mar 4, 2012
Once the loan officer has finished the review of all of your documentation (i.e. credit report, bank statements, pay stubs, W-2's, tax returns, etc), you should be provided with a Pre-Qualification certificate. If you have not provided everything to him, that might be why you don't have anything from him yet.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference: http://www.rodneymason.com
0 votes Thank Flag Link Sat Mar 3, 2012
Ayo this is not normal that the Loan Officer did not give you a copy of your pre-apporved letter. If you make an offer on a home, you will have to submit a pre approval letter.
0 votes Thank Flag Link Sat Mar 3, 2012
Ayo,

It is not normal for a lender to keep you from contacting a realtor or not give you a copy of your pre approval letter. I think it is time to get help from a lender that would work with your best interest at heart.

Good luck to you and hope you find the right home for you.
0 votes Thank Flag Link Sat Mar 3, 2012
Ayo,

This loan officer is not only controlling but misleading you - you should go over his head to the firm manager and ask for your files to be given to another lender. If you dont get a good response, leave them and ask for any fees you paid to be refunded, because you will just have to pay those fees again to another lender.

If you need a referral to excellent lenders here in Atlanta, I can provide some.

You say you "chose his agent" - if you did not sign a Buyer Brokerage Agreeement with the agent, you might want to keep looking. You should take an active role in making sure you have the most qualified buyers agent you can find to assist you - ask them what they can do for you that other agents can't - that narrows the field quickly!

After interviewing a few agents, if you can't find one with standout qualifications and services, the choice comes down to who you feel most comfortable with.

Regards,

Robert Whitfield
Broker/Owner - Realtor
Professional Buyers Broker
Relocation Expert
New Home Construction Expert
ICC Code Certified Building Inspection Expert
Advantage Realtors
678-585-9691
877-787-7167
“Luxury Homes, Investments, Property Management & Rehab… Incomparable Client Representation & Due-Diligence”
0 votes Thank Flag Link Sat Mar 3, 2012
I would find a new mortgage person who will provide you with better more Transparent service.
0 votes Thank Flag Link Fri Mar 2, 2012
I am wondering??? I gave this loan officer all the documents he needed. He contacted me 2 days later and said that i was approved, not qualified (I asked him either - or !!!). He said that he would send the pre approval to the real estate agent of my choice ( his or mine). He made it seem like it would do me more harm than good, like i would be taken advantage of or something, I chose his agent. and he had someone call me... he said that he could type the letter within an hour and will make one when the property is found at the price of the property...
0 votes Thank Flag Link Fri Mar 2, 2012
There is definitely something weird going on. I have 3 things I produce for my clients every time they request to get qualified. I send them
1. A copy of their credit report- scores
2. An Approval Letter indicating both the $ amount and the loan type that they were approved with
3. Finally I send them a GFE
unless there is something difficult like self employed income (tax returns need to be reviewed prior to rendering a decision) I can normally deliver all 3 within a hour.
I would question the delay and if it's not a good reason, I would highly recommend finding yourself another lender.
I hope that this has been helpful.
Best Wishes,
Rob

Robert Robbins
Senior Mortgage Professional
Cornerstone Mortgage Group, LLC.
Office 678-578-7613
Fax 678-388-1336
Robbins@cmghl.com
0 votes Thank Flag Link Fri Mar 2, 2012
In a word "No"... There is no reason he should not give you a conditional approval letter if you have asked for it..
0 votes Thank Flag Link Fri Mar 2, 2012
I've heard of a mortgage person not wanting to give a pre-APPROVAL letter before getting documents from the buyer, but not holding back on a pre-QUALIFICATION letter as long as you've gone over the basic information with them!
As a realtor, I would consider it a red flag if I could not get a prequalification letter from a buyer I was working with--I want to make sure for the seller's sake and mine that they're actually able to purchase the homes I'm showing them!
0 votes Thank Flag Link Fri Mar 2, 2012
Seller's will want to see a pre-qualification letter when submitting an offer on a home. The lenders that I work with always offer a written letter of pre-qualification or a pre-approval letter. I would check with another lender. Best Wishes with your home search!
0 votes Thank Flag Link Fri Mar 2, 2012
This is not normal. I would ask him one more time for a prequalified letter. If he does not, then I would consider going to a new lender.
0 votes Thank Flag Link Fri Mar 2, 2012
This is definitely not normal.
0 votes Thank Flag Link Fri Mar 2, 2012
Ayo, that is not normal!........
Web Reference: http://www.LAQUITABAEZ.com
0 votes Thank Flag Link Fri Mar 2, 2012
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