Melanie, Home Buyer in North Andover, MA

My boyfriend and I went to our local bank requesting a pre-approval, he even signed a document with them, but

Asked by Melanie, North Andover, MA Thu Jul 17, 2008

apparently the loan officer for our request is in another state, and she hasn't returned our calls, or responded to our e-mails. Is it ok for us to look for another lender?

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Territory.c…, Agent, MA,
Thu Jul 17, 2008
absolutely, no questions asked. Their tardiness should not delay your ability to buy a home.

Good luck!
1 vote
Michael Lefe…, Agent, Westborough, MA
Thu Jul 17, 2008
Yes. Absolutely. You should be working with a local person you can meet face-to-face with and is able to respond to all your questions/concerns immediately. That is crucial in my opinion.

As an appraiser, I've worked with literally hundreds of local mortgage professionals. Contact me through the link below if you'd like the name of the one person out of the hundred plus I've worked with that I refer to all my real estate clients and the person I go to personally for my refinancing needs.

Regardless, YES, seek out a local mortgage professional that you can meet with in person and who will be there for all your questions.

Good luck,
1 vote
Michael Giles, Agent, Beverly, MA
Thu Jul 17, 2008
Yes you can move on. You can be pre approved with as many lenders as you want. It is only once you have an accepted offer in on a property that you will lock in with one. If you have someone in you network that you trust, you should use them. If you need some names of local lenders that I am comfortable reffering to my clients I can provide those to you upon request.
You may want to talk to the loan dept. of the bank to make sure your information isn't sitting in a file somewhere. Best of Luck!
1 vote
Kevin Vitali, Agent, Tewksbury, MA
Fri Mar 6, 2009
What document did he sign? It was probably permission to pull a credit report. I definitely would ask friends and family for recommendations of a loan officer. If they are not performing now, what are they going to be like during crunch time?
0 votes
Scott A. Nel…, , 02155
Sun Mar 1, 2009
When you look for a lender may I suggest the following:

1. Ask friends, family, colleagues for a reccomendation of someone they have used & were satisfied with. Look into your local bank, credit union, co-op etc. where you have estabished banking contacts.

2. Research the prospectie mortgage broker/lender as you would any contractor providing service to you. Google them, look up their history in the Better Business Bureau, Massachusetts division of Banks, Attorney Generals Office, local chamber of commerce. Check out their years in business both individually & as a company. What special training or knowledge do they posess that will be of assistance to you.

3. Interview several representatives from several sources prior to their running your credit etc.see if they are responsive & have a good grasp of what you will be looking for. Ask for several refrences & contact them. Most will be glad to provide these, good ones will look forward to serving you for years to come.

This should be a good general rule of thumb to assist you in your search, good luck in your search, check back with how you progress, many of us who regularly read this forum would be interested in seeing how you make out.

Have a great day
0 votes
Karen Gately…, Agent, Reading, MA
Sun Mar 1, 2009
Wow that is frustrating! I like to recommend that you ask for lender referrals from friends, family and real estate professionals. You are under no obligation to continue with that lender - but you may want to keep in mind that "too many' credit report inquiries can have a negative effect on your credit report. That being said - it should be fine to apply fro pre-approvals with 2 or 3 sources. I also recommend that my buyers consider talking to a bank and an independent mortgage officer as they may have different funding sources and programs.

Good Luck!
0 votes
Ken Lambert, , Exeter, NH
Mon Jul 21, 2008
Hi Melanie- I know you don't want a bunch of solicitations from mortgage people, so I'll keep it simple- Our office is right in Andover, and I'd be happy to meet you if you'd like to discuss your options. We are a mid-size broker with our own in-house underwriters and we offer all the advertised loan programs. I know its frustrating going through the loan process. I do my best to help. Thanks, and Good Luck,

Ken L.
0 votes
Bonnie Mcmah…, , North Andover, MA
Fri Jul 18, 2008
I have a extremely reputable mortgage advisor (and is my husband) who runs his business out of Andover. Along with being straightforward and non-pushy - his business has a correspondent warehouse line of credit which allows him to attain the best interest rates in the industry. If you interested in dealing with a local individual who will be attentive to your needs you can call him below at:
Derek McMahon
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0 votes
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