Getting pre-qualified

Asked by Vanessavega03, Oakland, CA Sat Jul 28, 2012

I did not get pre-qualified from chase but i can easily afford the mortgage of some of these homes and have a nice down payment what are some of my other options?

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Lance King, Agent, San Francisco, CA
Sun Jul 29, 2012

If you want to make an offer on any property in San Francisco you need to get pre-approved, which as pointed out below is different from a prequalification. A pre-approval tells the seller that you are serious about buying because you have gone to the trouble to provide your lender all the necessary documentation to get a solid pre-approval. And don't wait till you find something - it may be gone while you are getting it done.

Also, I would not use chase. Every deal we've done with them has been a disaster. We work with three lenders regularly: an excellent mortgage broker, a private banker with Wells, and First Republic. All of these people are great and they will make the process seamless, plus having a respected local lender will help your cause in a competitive offer situation. If you would like referrals our contact info is below.

Best Regards,

Lance King/Owner-Managing Broker
DRE# 01384425
2 votes
Sally Rosenm…, Agent, San Francisco, CA
Mon Jul 30, 2012
I would contact Tim Wood, VP, Terra Mortgage Bank @ 415-464-1374 or Or go to my website and click on Resources - Mortgage Brokers. There are many on there as well. Ephraim Schwartz of Odette Mortgage....

Good luck,

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1 vote
, ,
Sun Jul 29, 2012
Vanessa. Get pre approved. Work with a reputable mortgage broker/banker. You want a Preapproval which is more complete than a Prequalify.
0 votes
David Tapper, Agent, Burlingame, CA
Sat Jul 28, 2012
Good for you for asking, that's a great first step. If you already have an agent, you should talk with him or her and see who they have a good relationship with.

I like Wells Fargo because they have competitve rates and they can navigate faster than other lenders when it comes time to process the loan through the system.

Most lenders are competitive, but when you are negotiating price, most people think of only the money, but the terms are very important also and you could have an edge over the others if you had a 12-14 day loan contingency compared to another buyer who had a 17-21 day loan contingency.

Try to get an edge on the others, it's not always about the price.

Good luck,

0 votes
Gregorio Den…, , San Diego, CA
Sat Jul 28, 2012
Did someone tell you that you had to specifically go to Chase? As mentioned, if the offer is contingent on this then by all means get pre-approved there, but that does not limit who you can choose to actually do your mortgage. If Chase does the pre-approval, ask them for a copy of your tri-merged credit report and at minimum, your credit scores. By law they have to disclose the scores to you. With this informational you can shop with different lenders and brokers without them having to rerun your credit.
Web Reference:  http://WeFixRates.Com
0 votes
Steven Ornel…, Agent, Fremont, CA
Sat Jul 28, 2012

As Eric points out, there are different levels of being "Pre-Approved", which you can review here:

0 votes
Danielle Laz…, Agent, San Francisco, CA
Sat Jul 28, 2012
Here are my tips on getting pre-approved and pre-qualified for a home loan if you plan to purchase real estate in San Francisco or the Bay Area.
0 votes
Darrell D. D…, Agent, Schertz, TX
Sat Jul 28, 2012
You mentioned Chase specifically. If you are making an offer on an REO property (post-foreclosure), many banks will want you to go through their pre-qualification process before they will consider your offer, even if you are pre-approved by your lender of preference.

If you are making an offer on any home, most sellers in today's market will not consider your offer without a pre-approval as my colleague already stated.

Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-881-6760 (Fax)

'Serving all Your Real Estate Needs'
0 votes
Eric H. Wong , Agent, Albany, CA
Sat Jul 28, 2012
You have to get pre-approved from a lender. Your offer will not be taken seriously without that pre-approval letter. And remember, you want to get pre-approved, not pre-qualified.
Talk to your friends, or ask a Realtor to recommend a good lender.

That is your first step.
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