Christina Fo…, Home Buyer in

Mortgage Pre-approval - Bank or Broker?

Asked by Christina Fortney, Wed Jan 2, 2013

I am looking into lenders to get a mortgage pre-approval to begin my search for a home. I was just wondering if there is any benefit to going with a big bank for pre-approval - or if I should go with a broker?

I realize that you don't have to get a mortgage from the bank you are pre-approved with - so I guess my question is, would we be considered a stronger candidate by a future seller if we had a big name approve us? Or does it not matter who the lender is, as long as you are pre-approved?

Is it more stressful or more of a pain to get an approval from a bank and then shop around rates when I am looking for the actual mortgage? Is there a disadvantage to doing that?

Thank you, in advance, for all of your help!

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Answers

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Big banks are typically looked down upon since they take much longer to close and they don't keep the realtors up to date with the status of the transaction like a mortgage banker typically does.

It shouldn't be stressful for you to get an approval from a mortgage bank, but it typically is with a big bank such as bank of america or chase.

If you need any additional help feel free to ask.

http://www.bronxhomebuyer.com
0 votes Thank Flag Link Wed Jan 2, 2013
Should read "pre-approval" not "per"
0 votes Thank Flag Link Wed Jan 2, 2013
First you should be aware in shopping for a loan you should not have a lot of mortgage brokers or bankers run your credit. Having your credit run multiple times can actually lower your score. I recommend both brokers from banks and mortgage companies. What is most important is to use one with a good reputation that sellers will be familiar with so your bid will be considered positively given your effort.
You can also get a per-approval to work with, where the mortgage person will get all your stated income but not actually run your credit until you come closer to buying a home. There are contingencies in the letter but it might be good enough initially to bid with. Your realtor can guide you to a reputable banker they work with.
Mindy Gerstein
(914)355-8393
Web Reference: http://Mindygerstein.com
0 votes Thank Flag Link Wed Jan 2, 2013
Hi, if you go directly to a bank you only get what they have to offer. If you go through a broker you get the best of both worlds. They will shop for the best rate for you, if they are a mortgage bank as well they may fund the loan themselvesm. I recommend Christian Babcock from Mortgage Master 914 447 9691. He works with many of my buyers. Hope this helps! I'm here for any more of your questions :)

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
914 406 9023
0 votes Thank Flag Link Wed Jan 2, 2013
Regardless, work with the loan officer you like best....consider asking people you may know for recommendations...
0 votes Thank Flag Link Wed Jan 2, 2013
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