getting pre-approval ...?

DH and I need to get a pre-approval letter so we can buy a house. I feel like i should know this answer but who do i get the preapproval from? Is it just a regular mortgage company/bank?

Assuming that's the case, can anyone recommend a good company with good rates?

TIA!

Re: getting pre-approval ...?

You can get a preapproval from any mortgage lender (e.g., a commercial bank, a mortgage bank, a credit union) or a mortgage broker (a mortgage broker is not a direct lender, but will place your loan with a direct lender). For most people, I think going to a direct lender is better, and these days, I think working with a specialized mortgage bank is the best bet (versus going to a large bank like Chase or Bank of America). It's usually a quicker and easier process with a mortgage bank.

You are not locked in to using the lender or broker who provides you with a preapproval; you can always later decide to go with someone else. But it's definitely good to get the preapproval asap, just for your own financial knowledge and planning, and also because you will need to submit a preapproval letter with any offer you make.

As far as rates -- be careful about asking around for low rates or going by advertised rates. What one person gets may not be what you will get... it depends on the type of loan you are getting and your personal qualifications.

Feel free to FM me if you want recommendations.

Also, if I can help you with your home search, please let me know. I've worked with many buyers from this site -- I am a full-time realtor (who is also an attorney), and I am running a special until March 31. If you come in to meet with me for a buyer's consultation (with no further obligation) you will be entered in a drawing to win a $200 Lowe's gift card!