Home Buying in 54467>Question Details

Granny Ronnie, Home Buyer in Stevens Point, WI

Our CU wants to know what house we want before they will give us a pre-approval. The realtor wants a letter before showing. What do we do?

Asked by Granny Ronnie, Stevens Point, WI Mon Mar 4, 2013

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I am sure that person will be removed, Eric, once a trulia moderator sees all the flags and acts on them.

Unfortunately, no one seems to be working over the weekend, so nothing can be done until Monday.
0 votes Thank Flag Link Sun Mar 17, 2013
This Favour person should be permanently deleted from this platform.
0 votes Thank Flag Link Sun Mar 17, 2013
unfortunately trulia doesn't seem to have moderators who work over the weekend so nothing has been done even though I am sure many of us have flagged the comments. I assume this person will be removed sometime Monday
Flag Sun Mar 17, 2013
The credit union should be able to tell you how much money they will borrow you, so you'll know what price point you should be looking in. That will help you determine what homes you'll be capable of purchasing. Knowing how much you'll be able to receive a loan for, and the parameters of that loan, will help the realtor determine what homes you should be looking at in regards to price point. There is really no use looking at homes you are not qualified to purchase, or that will not qualify for the type of loan you are approved for.
0 votes Thank Flag Link Mon Mar 4, 2013
The CU may be trying to protect you a bit by not showing your ability to pay more than the required mortgage amount needed to purchase. Ask them to approve whatever the Realtor thinks you will need for completing purchase in the price range you are looking.
0 votes Thank Flag Link Mon Mar 4, 2013
Dear Granny,

I'm assuming you mean credit union? I would suggest that something is wrong here. It is almost unheard of to put an offer on a home without a pre-approval and in some cases, it is not allowed. Well.... let me elaborate on this. The term "pre-approval" is so often used when, in fact, what we mean is a pre-qualification. However, either way, I think you need to talk with the supervisor. I personally do not know of any agent that will spend time with a buyer without knowing whether or not they can actually afford to buy the home.

Your lender should be able to give you a preliminary pre-qualification or pre-approval based on credit scores and what you tell them. Then this document will sometimes qualify with certain conditions that need to be met. If you need a good lender, I work with several honest hardworking lenders that would be happy to do this for you.

If you are interested, email me and I'll forward their information on to you.

Best of luck in your house hunting.
0 votes Thank Flag Link Mon Mar 4, 2013
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