Home Buying in San Ramon>Question Details

babiessmile, Home Buyer in Piscataway, NJ

PRe approved fist time home buyer

Asked by babiessmile, Piscataway, NJ Thu Apr 11, 2013

I got pre approved from Chase, seller accepted my offer. should I only go to chase for loan app or try others cuz I have a chance of better rate?

Help the community by answering this question:

Answers

12
What are the total costs, if rates go down origination fees go up, typically....
0 votes Thank Flag Link Thu Jul 11, 2013
If you are on a time crunch, you may want to stay with Chase.
However, Chase should have issued you a GFE as soon as you went into escrow on this transaction. You can take that GFE and shop around for a loan with it.
0 votes Thank Flag Link Thu Jul 11, 2013
Try http://www.Yelp.com for reviews on local Real Estate Agents.

Good luck!

Regards,

-Jason

Jason K. Zaitz
Realtor®
License #01398381
NRBA®, CDPE®, NAR®
Direct - (925) 242-8971
Fax - (925) 807-5190 http://www.JasonSellsRealEstate.com
Jason@JasonSellsRealEstate.com
Re/Max Accord
0 votes Thank Flag Link Mon Apr 22, 2013
in this market the fact that your offer was accepted is fantastic news. I would strongly discourage you from rocking the boat to marginally improve your rate. You also need to be aware of Exactly what your contract says, especially if you are buying either a short sale or an reo... because in many cases these lenders stipulate that they have to approve any lender change ... and could easily void the contract if you make an unauthorized change
0 votes Thank Flag Link Thu Apr 11, 2013
First, take a look at your contract...how many days loan appraisal/approval contingency do you have?

When your offer was accepted by the seller, it was on good faith that you are are already working on getting your loan. So you should have already shopped around for rates before you even got preapproved.

You may not have to use Chase as your lender, but how much time do you have to meet your contingencies periods, and how confident are you that you are going to get a better rate?

And as always....what does your Realtor tell you?
0 votes Thank Flag Link Thu Apr 11, 2013
Babiessmile,

When you say " should I only go to chase for loan app or try others"

Do you mean that you have not filled out an application with Chase yet?

Have you been pre-approved or simply pre-qualified?
0 votes Thank Flag Link Thu Apr 11, 2013
Personal opinion:

If you are already in escrow, I would not be messing with my loan to try to get a fraction of a percentage better loan. There is too much at stake to try switching loans at this point – you are one of the lucky few who has managed to get an offer accepted – don’t mess it up by changing lenders and doing anything to delay the transaction.
0 votes Thank Flag Link Thu Apr 11, 2013
You definitely want to compare what Chase has offered to you.
In the interest of time, you should make that decision very quickly.
The seller accepted your offering with the knowledge that you had a loan 'approved' at Chase and any delays because you choose to change lenders would be risking your acceptance.
0 votes Thank Flag Link Thu Apr 11, 2013
How much time do you have (when do you need to close escrow)?
0 votes Thank Flag Link Thu Apr 11, 2013
Hi babiessmile,

These two links might help you decide what your next step should be:

"True Pre-Approval" see:
http://www.Steven-Anthony.com/GettingStarted

Where to get financing see:
"Retail Banks vs. Mortgage Broker/Bankers"
http://tinyurl.com/6qln6nd

-Steve
0 votes Thank Flag Link Thu Apr 11, 2013
Do you have an agent? If so, your agent should answer that question.One you are in escrow, generally speaking, your time for shopping around is done. The sellers accepted your offer based on the Chase pre-approval.
0 votes Thank Flag Link Thu Apr 11, 2013
If you are going to get pre approved elsewhere, do it all within a 1-2 day window as each inquiry spaced out will ding your credit. If you are borderline on your scores, this could make the difference of getting a loan or not.

But I always recommend to my clients to get at least 2-3 quotes from reputable sources. And make sure that the lender (And REALTOR) you use is responsive and answers your questions. If they are dismissive to your concerns/questions it might not be a good fit.

Good luck and congrats.

Cassandra Bickel, REALTOR
0 votes Thank Flag Link Thu Apr 11, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer