Home Buying in New Jersey>Question Details

RS, Home Buyer in New Jersey

what are the steps involved in getting preapproved for mortgage ?

Asked by RS, New Jersey Thu Aug 20, 2009

what are the details and documents that I should provide for pre approval ? How long does it take to get pre approved ?

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4
Hi RS,

This is a simple process that you can do at no charge and it is not painful.

Call Princeton Mortgage - Bob Hart......good mortg. guy and he will set you up quickly.

Joyce Begg
Weidel.com/Joyce.Begg for any real estate needs you may have
0 votes Thank Flag Link Sat Aug 29, 2009
RS
This is what I do with my clients:

First, I interview them on the phone for about 20 minutes to a half hour. This way we can determine not only what you seem to qualify for, but how much you feel comfortable spending. Some people qualify for more but choose to keep their payments to a certain number. We can find out what that number is.

During this phone interview, I run their credit to determine debts, credit score and other pertinent information.

Then, we either set up an appointment to meet in person, or we continue by phone. At this stage, it is enormously helpful for you to have your most recent W-2 form (or tax returns if you are self-employed) pay stubs and bank statements. For most people, that's most of what they need. These can be faxed to me or emailed.

Then, I would not only use my own judgment, but I would get you a real approval subject to an appraisal. This is totally legit and unless there is something you haven't revealed you should be on solid ground. And it is very important for you to be as candid as possible, and to have all of the backup information requested.

I'd say the whole process could take as little as an hour, or it could take days, depending on your situation.

We would also review closing costs and the entire loan process from beginning to the end so that you have a very clear understanding of what each step involves. I believe that an informed buyer becomes a happy homeowner and a client for life. And that's what this business should be about -- building relationships of trust and reliability.

Ruth Bonapace
Bank of America Home Loans
"exceeding expectations every time"
ruth.bonapace@bankofamerica.com
0 votes Thank Flag Link Sat Aug 22, 2009
As Jeff explained, there's a difference between pre qualification and pre approval. Give him a call, and check out this link to between understand the differences between pre qualification and pre approval.

http://www.homeloanbasics.com/articles/FirstTimeHomeBuyers/D…

Good luck, if you move now and you are a first home buyer you might get in under the deadline for an $8,000 first time home buyer tax credit!

Laura Giannotta
Keller Williams Realty Atlantic Shore
0 votes Thank Flag Link Fri Aug 21, 2009
RS,

It's very simple, that's if you are dealing with a very good loan officer. Also, there is a difference in regards to pre-approvals and pre-qualifications. I am sure you will get some that will say that you can be pre-approved in less than 24 hours. But I would disagree with this, if they are truly getting you pre-approved. I wrote about this : http://activerain.com/blogsview/1155513/pre-qualification-le…

If I do my job correctly, it would take me about 20 to 30 minutes to ask you a set of questions. And then I would have to collect specific documents from you and then turn it into my office. My processor would then need to verify a few things, and then it would have to go to the underwriter. This could take a total of 10 business days. Just underwriting alone is about 5 business days. I know some loan officers that will give out pre-approval letters after just speaking with you and collecting your documents. But that is a pre-approval letter from the loan officer, who reviewed your information and who put your loan into the system. If your loan is not clean cut, this could back fire. Meaning, if they inputted the wrong info into the system, didn't know how to read your pay stubs or missed something else, you could still be denied. But a very good loan officer can still ask you specific questions and issue you a pre-qualification letter in less than 24 hours and this should just be as good as being pre-approved. I say this, because I have been doing this for 17 years.. and when I tell a client that I can get them a mortgage, it happens. The only time this wouldn't happen is when the property wouldn't appraise or if there were title issues... or if the borrower lied to me about something.

Overall, all I am saying is, be careful. Some loan officers will lie to you or don't know the true understanding of what a pre-approval is. All it is, is an approval without an address. Just food for thought. If you have any other questions, please don't hesitate to contact me.

thanks,
jeff

Jeffrey J. Belonger
Area Manager/Branch Manager

Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133
Fax : 775-361-6619


First Time Homebuyers $8,000 Tax Credit - http://www.fhaloansfhamortgages.com/8-000-first-time-home-bu…

Good Faith Estmates - All you need to know - http://activerain.com/blogsview/1082156/good-faith-estimates…

Blog Page : http://www.fhaloansfhamortgages.com

Profile : http://www.activerain.com/jeffmortgageman


"The referral of my service to your friends and family is the highest compliment I can receive."
0 votes Thank Flag Link Thu Aug 20, 2009
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