Home Buying in 73036>Question Details

Christina, Home Buyer in El Reno, OK

How do you find a good lender when buying a house? I now know my credit score and it is good....

Asked by Christina, El Reno, OK Thu May 22, 2008

However I did have bankruptsy in 2005 when I got divorced. Is that a problem? I had a house at time and kept it out of bankruptsy. Does that count? Who is a good lender to get preapproved through? I do not know where to begin :( Any suggestions?

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Hi Christina! I agree with Susie. You could start with your bank, however, you should definitely talk with 2-3 lenders. In my opinion, the best way to find a good lender is through referrals... I have a few great recommendations. One mortgage originator I have had great success with is Chris Duncan with 1st Commercial Bank in OKC his phone number is 330-9631. Good Luck and if you need any help I would love to be of assistance, my personal office is in Yukon.
2 votes Thank Flag Link Thu May 22, 2008
Hi Christina--most Realtors have several lenders they have worked with and trust--they are your best reference. Once you find a Realtor you trust and feel comfortable with, ask them if they can refer you to a lender of even two--then you can shop their rates, loan products, etc. to see what best suits your needs. When you first call the lender, they may either ask you questions or ask you to fill out an online form. From there they will run some numbers and let you know what mortgage you can afford. Ask for a pre-qualifying letter, which assures your Realtor and the seller that you are a serious buyer. A good lender and Realtor should guide you through the whole home buying process--ask your Realtor if they enjoy working with first time buyer's or not--I like it because I like to educate my buyer's and it is fun to help people realize their dream to own their first home. Please call me if you need a Realtor that specializes in Customer Service! 918-289-7738 Lisa
1 vote Thank Flag Link Sun May 25, 2008
Hi Christina. I live in the state of Washington, so I have no connection to real estate in your state. Here are my thoughts. You are trying to find a mortgage broker / lender you can trust. To handle the largest financial investment of your life. So, rather than gambling on your intuition (and by asking this question, one could make that case), why not go to someone who has to work with lenders daily? Hopefully, if anyone should know who is good, dependable and trustworthy, it would be a seasoned real estate agent. A Realtor with an excellent reputation. After all, if the real estate transaction FAILS due to financing, who stands to be hurt by that action? Right! Both the agent (time lost, not paid, maybe loss of respect ) AND the client (unhappy, heartbroken). This is a very emotional business.
Speaking for myself, the first 2 years in real estate, I was not concerned about who my clients picked for a lender. After 4 or 5 transaction failures (with friends, relatives, the world’s greatest lender who helped grandpa), I became fed up with the errors of others. I changed my tune. I wanted to somehow gain some control of that part of the transaction if I could. I had confidence I could better determine who were the good mortgage brokers / lender -- much better than my clients. I knew the questions to ask. So, after many interviews, I picked a mortgage broker (a college graduate now with 23 years of experience) to refer as many of my clients to as possible. Since then, I have never had a transaction fail. Yes, some clients could NOT get loans. Ok by me. They are not facing the mess that so many in the US have found themselves in today. Sometimes NO (no financing or a different loan structure) is the right answer. We are supposed to be in the business of helping people, not telling them what they want to hear. Under both federal and state laws applicable to real estate, no MONEY can change hands between the real estate agent and mortgage broker for the purpose of gaining business (e.g., finder’s fee, tied referral) , unless they want to lose their license. So, the MOTIVE is simple. Get the best and accept nothing less. Someone who is dependable and has a SOLID reputation—one that my CLIENTS LOVE (tall order). I guess I am lucky. So are my clients. Now, how does your selection process stack up against that? Find a seasoned agent with credentials who you respect and see if they can help you with your decision. Experience with 50, 100 or even more transactions seems better than none.
1 vote Thank Flag Link Fri May 23, 2008
The bankruptcey is now 7 years old give or take some months and should be coming off your creidt report. You may need to check and make sure that it is. If you've maintained your credit during the past several years this won't present any challenges.

If you have access to a local credit union, this is where I would suggest starting first. If you'll meet with a good buyer broker in your area they can also suggest excellent lenders whom you might speak with.

To find a grea broker in your area, I've attached a link to ablog I've posted here on Turlia not long ago that you'll wnt to read.

Good luck and happy house hunting.
0 votes Thank Flag Link Wed Mar 14, 2012
All of the advice given is great and you do need to get with a lender who is willing to guide you to a point where you can make a home loan. Sad to say, but many lending agents are commission paid and are not willing to spend much time with someone who is not ready to go. I am a El Reno based Realtor and would be very happy to work with you.
0 votes Thank Flag Link Wed Mar 14, 2012
Friends, friends, friends. A lot of people you know will have a lender. If they trust them, then that is a good place to start.

Most Realtors also have some lenders they've worked with in the past that they might be able to reccomend, but always ask for more than one so you can compare.
0 votes Thank Flag Link Tue Sep 28, 2010
Great answers from the other agents :)
0 votes Thank Flag Link Wed Sep 22, 2010
Hi Christina,

I accept that my answer is not going to be the most popular but it will be honest. If you had a bk in 2005 your credit score is probably low. You may be able to qualify for a mortgage but you are not going to qualify well.
Furthermore, you will have all the negative trade lines assocatied with your bk filing, collection accounts, etc. You might want to begin with credit restoration services to clean up any old collection accounts and get those improved through the credit repair process. After your credit profile is cleaned up you can then get prequalified for a new mortgage and then start looking for a home.
There are hundreds of mortgage brokers that can get you an average mortgage with a low credit score.
There are hundres of realtors who can find you a home that you can purchase with a low credit score.
However, if you get your credit profile improved first you will then be able to purchase a higher priced home in a nicer area for the same monthly payment.
A good realtor will want you to not only qualify for a higher priced home but qualify well for a higher priced home. You will have the same monthly payment with a better credit rating in a higher priced home than you will with a poor credit rating in a cheaper priced home.
Imagine having a good credit rating moving forward. what will a good credit rating bring you.
Lower interest rates on mortgages
Lower interest rates on car loans
Lower rates for insurance
Lower rates for utilities (especially in your home state)
Positive results for job screenings.
Good luck!
0 votes Thank Flag Link Sat Aug 22, 2009
I agree with most of you as far as using a realtor to purchase or sell a home. AS far s financing go you can go to the bank to asked to be prequalified. Then you will know approximately how much you can borrow. One other source and usually, not always at a better rate. Very important is to have all you paper work in order, Tax paper, wages , bank statements, probably your devorce papers and be sure you get your free 3 credit reports. Be sure everything on there is 100% correct.If not get it change before you go money shopping. If you own your home be sure there are no surprize liens against it. ALLways have your new home inspected with a registered inspection agency. Be sure they check for mold < bugs etc beside the construction.
0 votes Thank Flag Link Fri Aug 21, 2009
Christina, I agree. You should speak with your Realtor and ask for at least three references. Take the time to sit down with and "interview" those lenders and see who is the best fit for you and your family. If you have all three run your credit within a certain time frame it will only count as one inquiry. If you spread those out over a period of time, it could have a negative impact on your credit. Best of luck!
0 votes Thank Flag Link Mon May 26, 2008
Hi again Christina--I realize I did not answer your question regarding your bankruptcy--I believe you have two years after your bankruptcy is final before you can buy another house but be sure to ask your lender. It is great that you were able to keep your home out of bankruptcy--ask the lender(s) your Realtor refers you to if you can be pre-qualified and what, if anything you may need to do to clear up any credit issues, etc. Lisa
0 votes Thank Flag Link Mon May 26, 2008
Bruce and Lisa are correct. Start by asking your Realtor. And, as Bruce notes (my words, not his), it's because the Realtor has a vested interest in the transaction working. So your agent is going to refer you to the broker(s) or lender(s) who most likely can get the job done. As with selecting a Realtor or any other professional, of course, get several names. Contact them; talk with them. Select the one that seems the best fit for you.

Hope that helps.
0 votes Thank Flag Link Sun May 25, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
Christina, I'm up the road a little ways in OKC, but if you would like I could get you in touch with a good mortgage broker who may be able to help you. I'm by no means a mortgage expert, but depending on when in 2005 the bankruptcy was you may not be able to qualify even with a good credit score. When the lender requirements tightened, if I remember correctly, they adjusted the time period after bankruptcy to be able to purchase. If you would like to talk about why I recommend a mortgage broker rather than banker and what the difference is between the two, and who I would recommend feel free to contact me SellYourHome@Century21.com
0 votes Thank Flag Link Thu May 22, 2008
Choosing the right lender takes time, effort, lots of phone calls and maybe even a few hours on the Internet. The first step is to know what you want. There are a handful of basic mortgage programs from which to choose. At its most basic, there are fixed-rate mortgages and adjustable-rate mortgages. Next is to speak with a real estate professional, usually they have a list of lenders they can recommend (always get more than one recommendation). Good Luck, SheMell Meggett- Oklahoma
0 votes Thank Flag Link Thu May 22, 2008
One of the best places to start is to work with a Realtor who is affiliated with a Real Estate Company in your area. Many Real Estate Companies who have a good reputation in teh community have affiliate companies in the mortage industry and title indusry who assist buyers and sellers. Once you decide you are going to pursue buying a home, ask friends and family who they have used in the area for real estate transaction, interview two or three Realtors and make sure one of the questions you ask is if they have affiliates that can assist you. You can then set up appointments with the affiliates (mortgage companies) and see if you feel they are a good match to you. Good Luck, Linda Singer,
0 votes Thank Flag Link Thu May 22, 2008
One place to start would be with your bank. Most banks have mortgage departments and can let you know if, based on your situation, you are eligible for financing. If you would prefer to use a mortgage broker, you might want to check with some trusted friends or relatives for a referral to someone that they have used.
0 votes Thank Flag Link Thu May 22, 2008
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