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Whats the best way to go about to see if you can get pre-approved for a morgatge?
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blu6385
Member since 5/08 8351 total posts
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Whats the best way to go about to see if you can get pre-approved for a morgatge?
i have no clue on how to go about this. not even sure if we def. will get approved. DH doesnt have the best credit 
Should i try to get approved with out him with him? My parents maybe willing to cosign the loan if need be should i bring this up.
Also does anyone know how much is needed for a downpayment?
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Posted 4/27/12 8:48 AM  |
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jteach
2 and through
Member since 9/07 3939 total posts
Name:
Jess
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Re: Whats the best way to go about to see if you can get pre-approved for a morgatge?
The best way is to call my DH 
He is a mortgage broker and will run all your info 10 different ways to see what the best outcome would be for you. He does not charge an application fee and he knows his stuff. If you would like to get some info with no commitment let me know and I will give you his info
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| Posted 4/27/12 8:58 AM |
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Re: Whats the best way to go about to see if you can get pre-approved for a morgatge?
The first step is just talking to a lender, or a few lenders. You can go to a commercial bank (where you bank, for example), though I typically don't think that's the best choice. Or you can go to a mortgage bank that only handles mortgage loans -- I always recommend Steve Simpson at U.S. Mortgage Corp. in Levittown... Let me know if you want his info. I have a few other mortgage banks I'd recommend. Or you could go to a credit union.
So the first step is to speak to a loan officer there, who will review your income, debt, assets, credit, etc. and evaluate whether you are currently qualified. If not, they will let you know what you need to do to get qualified. Sometimes, if credit is an issue, they will refer you to a credit repair service. Several of my customers have had good success raising their credit scores in a couple of months by using one of these services.
You need a minimum of 3.5% down to get an FHA loan (which is a government backed loan). You always pay mortgage insurance with that type of loan, but the rates are usually a bit lower. To get a conventional loan, you usually need 10% down, although I've seen people be able to put down as little as 5% (they usually have very strong credit, income, etc.). But if you don't put down 20% with a conventional loan, you also need to pay mortgage insurance.
I would talk to a mortgage professional about a co-signer option. Usually a non occupying co-signer will only help to "get you over the hurdle" if your income is a tiny bit shy. But even if your credit is good, if you don't have nearly enough income to carry a home on your own, I don't think your parents co-signing is going to be an option (at least not the way it's been explained to me). If your parents were going to live in the home, then everyone's income and credit would be counted equally/added together. You may be better off waiting for your husband's credit to be repaired, but maybe he doesn't even need to at this point.
Let me know if you need some recommendations!
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| Posted 4/27/12 8:58 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Whats the best way to go about to see if you can get pre-approved for a morgatge?
Posted by Century 21 Dallow - Christine Braun
The first step is just talking to a lender, or a few lenders. You can go to a commercial bank (where you bank, for example), though I typically don't think that's the best choice. Or you can go to a mortgage bank that only handles mortgage loans -- I always recommend Steve Simpson at U.S. Mortgage Corp. in Levittown... Let me know if you want his info. I have a few other mortgage banks I'd recommend. Or you could go to a credit union.
So the first step is to speak to a loan officer there, who will review your income, debt, assets, credit, etc. and evaluate whether you are currently qualified. If not, they will let you know what you need to do to get qualified. Sometimes, if credit is an issue, they will refer you to a credit repair service. Several of my customers have had good success raising their credit scores in a couple of months by using one of these services.
You need a minimum of 3.5% down to get an FHA loan (which is a government backed loan). You always pay mortgage insurance with that type of loan, but the rates are usually a bit lower. To get a conventional loan, you usually need 10% down, although I've seen people be able to put down as little as 5% (they usually have very strong credit, income, etc.). But if you don't put down 20% with a conventional loan, you also need to pay mortgage insurance.
I would talk to a mortgage professional about a co-signer option. Usually a non occupying co-signer will only help to "get you over the hurdle" if your income is a tiny bit shy. But even if your credit is good, if you don't have nearly enough income to carry a home on your own, I don't think your parents co-signing is going to be an option (at least not the way it's been explained to me). If your parents were going to live in the home, then everyone's income and credit would be counted equally/added together. You may be better off waiting for your husband's credit to be repaired, but maybe he doesn't even need to at this point.
Let me know if you need some recommendations!
thanks for the info i will def. take recommendations.
I am not concerned about being able to pay a morgatge. We currently rent and what we pay is bascially a morgatage (that doesnt even include utilites)  . we are looking to move somehwere bigger and the prices to rent are just insane that we think we are ready to seriously look into buying at this point.
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| Posted 4/27/12 9:04 AM |
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blu6385
Member since 5/08 8351 total posts
Name:
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Re: Whats the best way to go about to see if you can get pre-approved for a morgatge?
Posted by jteach
The best way is to call my DH
He is a mortgage broker and will run all your info 10 different ways to see what the best outcome would be for you. He does not charge an application fee and he knows his stuff. If you would like to get some info with no commitment let me know and I will give you his info
if you want to FM me his info I will talk to DH and see what he wants to do thanks
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| Posted 4/27/12 9:05 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Whats the best way to go about to see if you can get pre-approved for a morgatge?
I highly recommend Sarah Lane with Cliffco Mortgage.
Her number is 516-208-9103
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| Posted 4/27/12 9:52 AM |
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Mia
LIF Infant
Member since 1/12 133 total posts
Name:
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Re: Whats the best way to go about to see if you can get pre-approved for a morgatge?
Posted by JandJ1224
I highly recommend Sarah Lane with Cliffco Mortgage.
Her number is 516-208-9103
I don't. I called her and left a message, she never called me back. A few days later I got her email address, emailed her, she emailed me back telling me she was going to call me back that night, never did. I gave up and went with someone else. I can not believe how unprofessional she was.
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| Posted 4/27/12 12:49 PM |
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