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BabyBeans
LIF Adult
Member since 3/07 930 total posts
Name:
Melissa
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applying for mortgage
are you charged for pre-qualifying for a mortgage loan? i want to check with a few lenders before commiting but not sure if there are fees associated with it.
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Posted 3/13/13 9:12 AM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: applying for mortgage
There should be no cost for a pre approval. If done thoroughly it should require past tax returns, pay stubs , and bank statements.
I would suggest getting 1 pre approval and shopping rates once you get to the point that you are ready to choose a bank.
I recommend Pat Marabella with Continental. 631-390-6368
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| Posted 3/13/13 9:32 AM |
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Re: applying for mortgage
Posted by JandJ1224
There should be no cost for a pre approval. If done thoroughly it should require past tax returns, pay stubs , and bank statements.
I would suggest getting 1 pre approval and shopping rates once you get to the point that you are ready to choose a bank.
I agree - there's no cost or downside to getting a preapproval from the outset. And you are not locked into using that lender. Ideally, it's a good idea to have your lender selected by the time you make your offer, but I've had clients switch lenders once we are in contract, even!
Just be careful when you shop rates -- often less reputable loan officers or brokers will quote very low rates, but not explain that rate is only for a certain type of loan (an FHA, a 15 year), or that to get that low rate, you will be paying in another way (closing costs, points). So when you shop around, just make sure you are truly comparing apples to apples among lenders and getting all the "fine print" so to speak!
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| Posted 3/13/13 6:29 PM |
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