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MrsRivera
2 under 2...whew!!
Member since 2/07 9876 total posts
Name:
Beth
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I need mortgage help!!
Ok, so...DH and I are getting ready to buy our first home in NC. I've been hearing that it's good practice to get pre-approved before house-hunting, so that you can present proof of ability to pay to the seller.
Can anybody clue me in as to:
1) How you chose your lender
2) What type of mortgage you chose (fixed? ARM?)
3) How long this process takes?
I've been trying to research all this but feel like I'm going nowhere fast.
Thank youuuuu!!!!
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Posted 3/14/07 1:23 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MissJones
I need a nap!
Member since 5/05 22150 total posts
Name:
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Re: I need mortgage help!!
Can anybody clue me in as to:
1) How you chose your lender
2) What type of mortgage you chose (fixed? ARM?)
3) How long this process takes?
1: We didn't choose our lender. Our mortgage broker that we were first going with was terrible. Her numbers were so disconcerting that we were going to pay over $300 in PMI alone. So we were recommended a second broker who got us the mortgage iwth a company and our mortgage was sold to countrywide 2 months later.
2:We chose a 30 year fixed. We don't plan on staying here forever, so we COULD have gone with an ARM, but what if???
3:3 weeks maybe? Not long at all.A week after doing the paperwork with the broker were we approved and some other stuff after that.
Good luck!
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| Posted 3/14/07 6:35 AM |
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KvsGrl
Round 2!!
Member since 1/07 1202 total posts
Name:
Samantha
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Re: I need mortgage help!!
If you have good credit, I would start by going to your bank. The pre-approval process is easy. All we needed to provide was our names, social security numbers (to run a credit check) and annual gross income. Just be aware that you may get pre-approved for more than you feel comfortable spending, so sit with DH and schedule out your monthly expenses and savings goals.
I got a 30-yr fixed mortgage, which is the most conservative b/c I will always know my monthly payment. ARMS have a fixed rate for a limited time and are then adjusted. This could be a problem if you stay in your home and rates rise.
The preapproval process only took a few minutes! Once our offer was accepted, then we complete a mortgage application that took a few days to prepare and a few more days to be approved.
HTH
Message edited 3/14/2007 8:55:42 AM.
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| Posted 3/14/07 8:54 AM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: I need mortgage help!!
Posted by MrsRivera
Can anybody clue me in as to:
1) How you chose your lender
2) What type of mortgage you chose (fixed? ARM?)
3) How long this process takes?
I've been trying to research all this but feel like I'm going nowhere fast.
Thank youuuuu!!!!
pre-approval helps a lot!!
how do you find a lender?... you can "shop around" the same way you do for other consumer goods. just make sure that all your applications are within a two-week period... that way they show up as ONE search on your credit report. i would suggest that you start with the bank/credit union you already use.
normally, pre-approvals have an expiration date. but from what i've seen, you can have them "extended" if you don't find "the house" in that time. so don't feel pressured to find something quick.
good credit is ALWAYS a good thing!!!
what type of mortgage?... try your very best to stay away from ARM. with the market changing, you don't want the risk that comes with a changing mortgage payment.
how long does it take?... the application takes about an hour depending if you have all your financial papers close by. you should get an answer within 24 hrs.
hth
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| Posted 3/14/07 9:29 AM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: I need mortgage help!!
We visited area banks to see what would work best for us and get information on rates.
We chose to work with HSBC - they informed us our credit was nearly perfect and had nothing to worry about. We were pre-approved within 3 days after all paper work was processed for a fixed rate mortgage.
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| Posted 3/14/07 10:48 AM |
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