Question Details

John, Home Buyer in New Jersey

Where should I go to get pre-approved? The bank or online lenders?

Asked by John, New Jersey Wed Mar 26, 2008

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Hi John,

In light of the recent real estate trends, we are experiencing market corrections due to declining prices. We have a large number of foreclosures and short sales. So many areas of the US are currently readjusting. Thus, we are seeing real estate prices all over the place in many given areas!

We have found that often times it is beneficial to contact a local lender to the area in which you will be purchasing your home in. Often times they have a local appraiser that is familiar with the market in your area and can give you an accurate appraisal figure on the house you are considering to buy. A good place to start is the bank where you have your checking and/or savings accounts.

Be sure to compare 3 local lenders, get good faith estimates from all of them, in writing. Be aware that rates have been regularly fluctuating, thus your quoted interest rate may change, before it's time to lock it in. But, if a lender will not put the costs to you in writing, move on to a lender that will . Not all lenders are the same. Best not to let all 3 of them pull your credit, if possible.

You should have your preapproval figure in mind, before you ever step inside a house to look at.

Best of luck to you,

Sandy Shores, Realtor
M & M Real Estate Inc
Residential & Investment
Brevard County Florida
Florida's Space Coast
1 vote Thank Flag Link Wed Mar 26, 2008
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