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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Confused about the pre-approval process
DH and I are planning on meeting with RE agents and looking at houses next month. I know it's a good idea to get pre-approved before looking at houses, but I'm completely confused about the process.
Do you just go into a bank and get pre-approved? Should we get pre-approved at 1 bank or more than 1 bank? Does looking for a bank that has the best rate now matter or does it only matter when we're ready to lock in?
Does it cost anything to get pre-approved? What documents do we need to bring with us?
I'm considering getting a mortgage broker. Is this the time when I should be using a broker or should I wait until we're ready to make an offer on a house?
I heard pre-approval letters expire after a certain amount of time. If we're still looking at houses when it expires, do we just go back to the bank to get a new letter?
Thank you for answering all of my questions.
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Posted 7/27/07 12:10 PM  |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Confused about the pre-approval process
You can do it over hte phone...any bank will do it for you. The letter is just an appx of what mortgage you would get if you applied. It is very good to have to show you can afford a house.
You can go to any bank. Just get it from one bank, doesnt matter which one. You dont need to use that bank...it has to do with your credit score so as long as you get preapproved, your should get appx that same amount or more from any bank. I woudl think if the preapproval expires, you can easily just get a new one.
We got our mort preapproval from Ridgewood over hte phone. We used a broker in the end. We only contacted the broker when we had an accepted bid on a house, when we knew how much mort we actually needed.
Message edited 7/27/2007 12:27:36 PM.
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| Posted 7/27/07 12:23 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Confused about the pre-approval process
A broker can give you a preapproval also. You can work with one from the very beginning, we did.
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| Posted 7/27/07 12:24 PM |
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bikramaddict
mommy-to-be
Member since 8/06 4376 total posts
Name:
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Re: Confused about the pre-approval process
we had our broker pre-qual us from the beginning. it's not as good as pre-approval but it does show that you've invested some time into the home buying process.
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| Posted 7/27/07 1:55 PM |
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counselor74
LIF Adolescent
Member since 5/07 806 total posts
Name:
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Re: Confused about the pre-approval process
Many agents will not even present an offer to a seller without preapproval. You can go to any bank and as I recall there is a small fee. Basically it involves a credit check and income check.
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| Posted 7/27/07 2:09 PM |
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VickiC
Rocking the party
Member since 5/05 4937 total posts
Name:
Vicki
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Re: Confused about the pre-approval process
Posted by counselor74
Many agents will not even present an offer to a seller without preapproval. You can go to any bank and as I recall there is a small fee. Basically it involves a credit check and income check.
We went to our bank where we have our checking/savings accounts. They explained some mortgage things to us, got some salary info, did a credit check and we had our pre-approval.
No fee whatsoever - and if someone charges you a fee, I would tell them no thanks.
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| Posted 7/27/07 2:12 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Confused about the pre-approval process
Posted by VickiC
If someone charges you a fee, I would tell them no thanks.
I agree!
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| Posted 7/27/07 2:22 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: Confused about the pre-approval process
Thank you for your help. I really appreciate it.
Can you get pre-approved at any branch of a bank or do I need to go to one that has a mortgage office?
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| Posted 7/27/07 3:45 PM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Confused about the pre-approval process
Posted by MrsS2005
Thank you for your help. I really appreciate it.
Can you get pre-approved at any branch of a bank or do I need to go to one that has a mortgage office?
With Ridgewood savings, you can do it over the phone.
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| Posted 7/27/07 3:57 PM |
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