Home Buying in Orlando>Question Details

Elisabeth, Home Buyer in Houston, TX

Mortgage pre-approvals

Asked by Elisabeth, Houston, TX Fri Jan 9, 2009

What is the advantage to getting more than one mortgage pre-approval? And how should you choose a mortgage lender? With the downturn in the economy, how do you know which lenders you can trust?

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The advantages to getting more than one pre-approval is so that you can compare different lender's rates and fee's to make sure you are getting the best financing possible. From Interest rates, origination fees, discount points, underwriting fees, processing fee's, etc etc...these will all vary from lender to lender.

Another good reason is to make sure you have a back up in case one lender can't perform as they promised. This is the biggest risk IMO as there is nothing worse than having an approaching closing date and a lender that all of a sudden can't perform or changes terms on you. The chances of this can be mitigated though by using local mortgage professionals that come recommended (from people that have used them many times in the past) and by getting multiple quotes.
0 votes Thank Flag Link Fri Jan 9, 2009

I recommend you get 2 or 3 good faith estimates, mortgage companies hit the front side of a loan with fees but few understand they also hit the backside with points or by selling the loan, by RESPA law a mortgage company must do one. This gives the fee's they are charging, interest rate etc...

The company that wins most all loans from my buyers is Integrity Home Loan and my contact is John Broskie or Tracy Bailey, they are a great team and will find the best rates for you, if you are interested John’s number is 407-493-3868.

As per RESPA law I make nothing for anyone who uses John or Tracy, they are very professional and because of this buyers and sellers give us referral's, that's the best form of thanks.

Thanks for the question,

Dave Lowe, broker
GRI / ePRO / GREEN designations
Web Reference: http://two4oneoforlando.com
0 votes Thank Flag Link Fri Jan 9, 2009
Welcome Back! Choosing a Mortgage/ Lender is much the same as choosing your Realtor. Personal Referrals are a good place to start. When .you decide on your Realtor, that Realtor should have several choices In Mortgage for you to talk with. Again, as with choosing Realtors, it is the one you find a comfort with and in today's market (as you point out) it may be a good idea to stay with a major Bank, such as Wells Fargo, Bank of America, or others. Your own bank or Credit Union would love to speak with you and who better to trust than your own Bank! You should compare lenders just like you might do with Realtors. Ask for a "Good Faith Estimate" and then make comparisons using this form. All Lenders must provide you with this to compare loan costs and should not care if you use this technique. Again, check with your Realtor for additional guidance. Trust must be earned and all this can be frightening especially if you are a first time home buyer. Remember, as Realtors, we do this everyday and can help ease some of this stress. Get good references from your Realtor and Lender, know that you can change your mind if it does not work out on your first choices up until the time that you make a committment via signing a sales contract. You should NOT have to sign an Exclusive Buyer agreement or loan committment. Good Realtors and Lenders are always there to work hard for you, listen to your needs, give advice and guidance and to earn your trust. If this is not happening for you, make a change. There are many choices you must make when going thru the Home Buying process. It really starts with your Realtor or Lenderm, either one should be able to help in providing you names of service providers that will all work together to locate,fund, inspect, insure and even decorate your New Home. Buying a Home takes a Village of people and credibility is strong among professionals. The poor examples do not last long in the Village! Again, thanks for the thoughtful questions and Remember we are all here to help and to Earn your Business!

Gay Middleton
Realtor/Sales Specialist
Web Reference: http://www.gaymiddleton.com
0 votes Thank Flag Link Fri Jan 9, 2009
It is not the lenders you need to trust it is the responsible home buyers make correct decision when obtaining a mortgage. EXAMPLE: purchasing a car many models of the same kind which vechile works best for your short / long term goal of owning the car what finance option you prefer.

More than one mortgage pre- approval you only need one . Work with one broker after you have determine which explains all options fully to your understanding.

Keep in mind owning a home does have annual tax advantages.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Fri Jan 9, 2009
Elizabeth, it certainly doesn't hurt to have more than one - since often they fall through for various reasons. I can recommend a great mortgage professional who can help you. Try Greg Whiteside at GregWhiteside.com. His number is at the bottom of his home page. Good luck!~
0 votes Thank Flag Link Fri Jan 9, 2009
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