What is the way to get pre approval? go to the bank or i could get it online.....

Asked by Betty Chan, New York, NY Sun Jul 7, 2013

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Diane Briggs, Agent, Irving, TX
Sun Jul 7, 2013
Hi Betty,
You can actually shop around on mortgage pre-approvals, as you will see that certain things vary from one lender to the next, such as interest rates, loan origination fees, etc. You can check online, as well as visit your local financial institutions, and also try out loan officers that specialize in mortgage loans. If you have a real estate agent in your area, he/she should also be able to recommend some referrals to you. Best wishes for your next home purchase!

Diane Briggs, REALTOR®
Asset Realty
(214) 289-0093
1 vote
, ,
Tue Jul 9, 2013
I disagree with the folks that say shop around, what can you shop? If you call enough loan officers you will eventually find one that will tell you what you want to hear but that doesn’t mean they can deliver. Have your Realtor introduce you to the local loan officer they trust the most, gather all of your support documents and apply in person. There is nothing else you could do that day that is as important as getting it right the first time.

I estimate that 30% of the “buyers” walking around with preapproval letters in their pocket cannot close on the loan they think they are approved for. Why? Because the loan officer did nothing but ask a few questions and pull a credit report. Appraisals, home inspections, good faith deposits are pretty expensive lessons if things go sideways. It is hard enough getting a mortgage closed when it is done right. The horror stories you hear are usually from times when the buyer doesn’t take the time to make a full loan application before making an offer. Good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
I answer questions about financing real estate based on my decades of experience dealing with mortgage underwriters. I do not offer legal or tax advice, if you need answers from an attorney or CPA find one knowledgeable in your local market.
Web Reference:  http://jamessimms.com/
2 votes
Felix A. Gar…, Agent, staten island, NY
Tue Jul 16, 2013
Your best bet is to go to a direct lender or even a mortgage banker-broker this way you can ask any question you might have.going in person you would probably get properly pre-qual

thanks Felix
1 vote
, ,
Mon Jul 8, 2013
First steps:

Meet IN PERSON with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
1 vote
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Jul 7, 2013
Betty, the best way is to meet face-to-face with a Loan Officer. Go prepared with your 2011 & 2012 tax returns, 4 most recent paystubs and recent bank statements. They'll go over all your financials and credit and determine exactly what you qualify for, financing options, rates, estimated monthly payments, etc.

This is also a great opportunity to go over any questions you have or doubts. You'll become a more educated buyer by taking the time to attend a one-on-one appointment with a good Loan Officer who is willing to give you all the information possible, as oppose to rushing you out the door. Some things you just can't do over the phone or a website.

If you're interested, I'm always available to meet in one of our Manhattan, Brooklyn, Queens & Long Island offices. I'm honest, knowledgable, reliable and resourceful. Feel free to call or email anytime. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
1 vote
dleapheart32, Home Buyer, Oak Park, MI
Wed Jul 10, 2013
Why do you have to pay 5000 to 12000 for a down payment.
0 votes
Tarak, , Penns Grove, NJ
Wed Jul 10, 2013
I work for NFM Lending and we do everything over the phone. We can take your whole application over the phone. You send us your information and we send you your disclosures. It's a very streamlined process. We originate all over the country. Give us a call.856-491-9401
0 votes
, ,
Tue Jul 9, 2013
Whether you meet in person or go online, it comes down to personal preference. At the end of the day it you want to work with someone who can meet your goals, follow through, and make you feel comfortable. Your home will most likely be your single largest investment and it's of utmost importance that a knowledgeable mortgage professional, like myself, ensure your qualifications meet all guidelines. This should be an exciting time for you and it should remain that way through closing.

Please contact me at your earliest convenience so we can discuss the homes you're interested in and determine your pre-approval amount.

Kindest regards,

Paul F. Marzolla
Senior Mortgage Consultant
(201) 957-6768
0 votes
Kathryn Lilly, Agent, New York, NY
Mon Jul 8, 2013
A local company; either mortgage banker or a bank that is known for doing loans for what you are putting an offer in on for in the neighborhood that you are looking at is always going to be taken more seriously when the seller is weighing up six similar offers. (New York bidding wars!)
As a sellers agent I recently received an offer with an online Bank pre-approval attached, the way it was worded was vague, I called the person/office that signed it. It turns out that they do not do loans for a two family 100+ year old Brownstone....new construction only! Well that is not New York.
A similar situation a year or so ago with a Mortgage Broker from Connecticut for a co-op loan, the Bank it turns out only does Condo's.
Local, that knows the market is always better. But also, if they have not verified your income, assets as well as credit it is not worth the paper it is written on.
Kathryn Lilly, Broker
Realty on the Greene, LLC
0 votes
Luke Constan…, Agent, Brooklyn, NY
Mon Jul 8, 2013
Good morning Betty,

I am not a mortgage broker, but I can say this is one of the best places to get a mortgage:

208 Canal Street, New York, NY 10013
Monday - Friday 8:30 a.m. to 5 p.m.
Saturday - Sunday 10 a.m. to 2 p.m.

Give them a call. They are one of the easiest places to get a morgage from right now.

Call mre anytime: Cell# 212.300.3919

Luke Constantino
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919
0 votes
Christopher…, Agent, Camp Hill, PA
Sun Jul 7, 2013
Hi Betty
You can do it either way but, the best way is to have a sit down and face to face with a local lender. This way if you have any questions or concerns you can have them answered before you leave. Best of luck to you.
0 votes
Janine Young, Agent, New York, NY
Sun Jul 7, 2013

I agree with Javier, the best way is to do a face-to-face meeting with a Loan Officer.

Good Luck to you,
Janine Young
0 votes
Michael Cheng, Agent, San Jose, CA
Sun Jul 7, 2013
Both approaches can work .
Web Reference:  http://www.archershomes.com
0 votes
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