Financing in New Jersey>Question Details

Mercedes, Home Buyer in 07032

A Loan Preapproval

Asked by Mercedes, 07032 Mon Oct 8, 2007

I am interested in a home that a Realtor showed me. I have not signed anything to work strictly with him yet. My question is if the Weichert get me an approval and then I decided not to buy a home in that county that he works in can my loan financing still work for me with another location? Or if I decided to use another Realtor? Not sure if I should get a loan approval somewhere else instead of going through them (realtor).

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Mercedes,

There are a number of issues here. First of all if you are interested in purchasing the property that this realtor showed you then you need to go through that realtor. Going to another realtor for the same property creates many issues. However, if you are approved you are getting approved for an amount. Not necessarily a house. That approval and finance company should and will follow you to anther RE company, house, county, etc. Before you commit to anyone check for interest rates, points, terms, etc. Shop for the best program before you give out your information. Once you have found the program that you want, deal with that finance company/bank.

Hope this helps!
0 votes Thank Flag Link Mon Oct 8, 2007
("Can my loan financing still work for me with another location?") This sounds like a question for the loan officer that issued the pre-approval. Normally, as long as you are staying in the same state, the lender will be able to lend state-wide. As a branch manager for a mortgage company, I can tell you that we lend state-wide. Also, when we issue our pre-approvals, we address them to you, so you can show whatever realtor you want to use. It's yours to keep. I would suggest talking with an experienced mortgage consultant that can tell you the max that you can qualify for, and then issue you a pre-approval specific to the house you are interested in. If you are interested in multiple houses, you can use the same letter as long as the house price does not exceed the amount on the letter. If it does, but is under the maximum that you can qualify for, you can ask your lender for another pre-approval and they should be happy to issue it to you.
0 votes Thank Flag Link Tue Oct 9, 2007
Your loan officer has nothing to do with your realtor. They just work in the same building. If you are given a preapproval you can use it anywhere in New Jersey. I work in Delaware and we have an in house mortgage company. We are not affiliated in any way.
If your realtor has a New Jersey Real Estate License, he or she should be able to work in other counties. I would discuss your questions with the realtor and with the mortgage person you are working with.
You should also get a few other mortgage companies to give you "good faith estimates". That way you will be sure that you are getting the best mortgage deal possible.
0 votes Thank Flag Link Mon Oct 8, 2007
It doesn’t hurt to shop around . Personally, I am partial to working with mortgage bankers especially during the credit crunch we are currently going through.

Mortgage bankers can access many different banks and lending institutions. The rates and programs of one bank do not limit them.

If a programs changes, rates become uncompetitive, or a company goes out of business mortgage bankers can re-lock you at another lending institution with no additional fees or reprocessing .

Bill Turano
Senior Vice President
Select Mortgage Corporation
0 votes Thank Flag Link Mon Oct 8, 2007
Your loan pre-approval would be fine for a different property. You can still use that loan officer if you have a good relationship with him/her. Speak with 3 different mortgage companies or banks and compare apples to apples.

If you have great credit and a down payment you should qualify for a good rate as long as your loan amount is less than 417k on a single family house. If your loan amount is more than 417k I would check with more lenders as JUMBO rates are drasticaly different between banks currently.

Adam M. Dahill
Branch Manager
Approved Funding Corp
0 votes Thank Flag Link Mon Oct 8, 2007
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