onikablue, Other/Just Looking in Brooklyn, NY

Is it okay to get pre-qualified online? using lendingtree.com?

Asked by onikablue, Brooklyn, NY Sun Jul 14, 2013

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Jul 14, 2013
BEST ANSWER
The way Lendingtree.com works is that once you enter your information on to their website, they pretty much screen you and send your information to several lenders, who then have to re-pull your credit and qualify you.

It's not really the best or most efficient way to go about getting pre-approved. As a Loan Officer I can tell you that it's of the most importance for u to be able to review your tax returns, paystubs, bank statements and credit report so that we can determine just how much you qualify for and really know what your best mortgage options are. I always suggest to buyers, if it's me or someone else, try to meet face-to-face with a Loan Officer. Outside of these documents, a Loan Officer will always have questions in order to determine your eligibility. It's also a great opportunity for you to have some one-on-one time so that you can becomes as educate as possible on the entire process and address all your questions and concerns. It's just the bet way to establish a relationship with someone who will be reviewing a lot of sensitive information and helpin you through the lattes purchase of your life. Do you really want to go through this via a website?

I'm always available to meet face-to-face at one of our Manhattan, Brooklyn, Queens or Long Island offices. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes
Michael Rich…, Agent, NY,
Mon Jul 15, 2013
Hi,

No and No. First you want to be pre-approved, not pre-qualified. There is a major difference. When you are pre-qualified, you only tell a lender you qualifications and they issue a letter stating that IF your income, assets and employment can be verified, you will qualify for a certain loan amount. By getting pre-approved, you go through the application process and receive approval for a certain loan amount subject only to the property you choose to buy appraising satisfactorily.

Second, while going through the loan process application online is convenient, many issues arise trying to close the koan that do not arise when dealing with a live person at a bank. The reason being the live person, assuming they are experienced, knows the issues involved and takes care od dealing with them upfront. the online process cannot anticipate issues and only deals with the as they arise.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
917-991-2528
mrichman@kianrealtynyc.com
http://www.kianrealtynyc.com
0 votes
Gail Gladsto…, Agent, 11743, NY
Sun Jul 14, 2013
Onikablue,

As a Real Estate Broker, I do not encourage my agents to work with anyone who has not already acquired a pre-APPROVAL. A pre-qual is, for the most part, meaningless.

If you are serious about purchasing a home, you will have to go through these steps anyway.

See a Banker, a Mortgage Broker, a Mortgage Banker/Broker...it doesn't matter. I can refer you to all three.

Be prepared with 3 months of bank statements, paystubs, income tax returns, etc., and then you will be in a position to be as close to being a cash buyer as you can be.

You will be able to purchase a home with a pre-commitment subject only to contract and appraisal.
0 votes
., , Brooklyn, NY
Sun Jul 14, 2013
I am a local mortgage banker. We can always meet face to face. Feel free to call me. I am here to assist you. 347-414-3112.
0 votes
., , Brooklyn, NY
Sun Jul 14, 2013
I am a local mortgage banker. We can always meet face to face. Feel free to call me. I am here to assist you. 347-414-3112.
0 votes
Wesley Ally, Home Buyer, Brooklyn, NY
Sun Jul 14, 2013
Hi thank you for your inquiry. You may call me, Wesley Ally, at 646-982-5263 to discuss what your options are in terms of being pre-approved.
0 votes
Madeline Pad…, Agent, Brooklyn, NY
Sun Jul 14, 2013
Hi onikablue
of course you can, but i'm a little old fashioned I prefer meeting the person i am giving all my
personal info to. If you want someone's name to contact, send me your direct email and i will recommend a good person to you
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Sun Jul 14, 2013
Dear onikablue:

Yes, it is okay, but you may want to speak to one or two local mortgage bankers to shop around and compare to see where you can get the best deal. You have to compare interest rates and also closing costs. In order for you to be correctly qualified, you would need to furnish the bank with your last two years tax returns, proof of income (recent paystubs, W-2s and or a profit/loss statement if you are self employed), last 3 months bank statements and then allow then to run your credit report. Most banks will pre-qualify you free of cost or obligation so it is best to shop around. You also have to make sure the banker is trustworthy and knowledgeable as you decide where you are going to actually wind up going for the mortgage.

If I can be of further assistance, please contact me direct. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes
Alain Picard, Agent, Puyallup, WA
Sun Jul 14, 2013
Sure it's ok, a lot of people do it these days. You can get pre-qualified online with a lot of different lenders.
0 votes
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