Comments on: How do I choose a bank for pre-approval on a home loan?

By: Camila B

Camila B — Fri, 25 Dec 2009 13:52:11 +0000

There are hundreds if not thousands of websites on the internet enumerating the ways to apply and receive home loan when you are plagued with bad credit issues. These sites help consumers with bad credit scores to increase the viability of their existing credit scores and set up loans regardless of their credit history.Companies that specialize in bad credit home loans; usually offer a wide range of options for consumers with bad creditBad credit hasn’t stopped them from purchasing a home. There are several programs available for people with bad credit that helps to restore their credit status and to live debt free lives. Camila B

By: godged

godged — Tue, 22 Dec 2009 08:10:41 +0000

It sure wouldn’t hurt to check with the financial institution that has your other accounts.

What you want to be sure of is that you are comparing apples to apples. A good faith estimate of closing costs will be needed, what rate you are receiving, are there any points, and other ‘catches’ - for instance pre-payment penalties.

Lenders do this all the time, and can get caught up in financial jargon. This can be a bit overwhelming if you dont speak the language, so make sure you understand everything before you walk out of the office. Even better, get everything in writing so you can spread the offers out on the kitchen table and choose from there.

Good luck! godged

By: lepr0kan

lepr0kan — Mon, 21 Dec 2009 04:21:50 +0000

Contact several banks and brokers (brokers usually have better rates but charge a small fee at closing) brokers also have more options to find different loan programs. Provide tehm with the info they request and ask them for a Good Faith Estimate and truth in lending which will have your costs. At the first one have them run your credit, then ask for a copy of the report (they have to provide this to you if you ask). The other brokers or lenders can work off of that initial credit report until you select a specific broker or bank and then they will run your credit. Not to worry about too many inquiries all mortgage credit checks within 30 days are shown as one. Also, if there’s one broker you like but another offers a better rate don’t hesitate to show them the other’s Good Faith Estimate and see if they can offer you the same thing. Brokers have more leniency in what they charge so you may not be able to do that with a bank, but it’s worth trying. good luck. lepr0kan

By: chonudi

chonudi — Fri, 18 Dec 2009 02:54:40 +0000

My preference is to deal only with banks and not mortgage brokers. Compare the interest rate, points, and closing costs with your favorite bank and a few others to get an idea. Give all of them the exact same information in order to make a good comparison.

If you give them your SSN then they will run a credit check on you. Don’t do this unless the bank is on your short-list of possible lenders. Too many credit checks will lower your credit score.

You can negotiate a few things on the closing costs and maybe even the rates and points. I prefer loans with zero points.

Any lender can give you a pre-approval for free. You don’t have to pay for anything until you actually submit a loan application.

Good luck. chonudi

By: Harley

Harley — Tue, 15 Dec 2009 02:32:53 +0000

I purchased a home in the states several years ago. First off, I researched and found the average intrest rates (at the time, 5 percent). I then took this information and refused to accept anything but the average and naturally anything below it.

My relator had several lending agencies lined up. Perhaps you arent using a relator? No problem! Simply call up lending agencies… honestly, it was as easy as calling them up and asking what the going rates are, seriously. I dealt directly with the owner/leader of a lending company and even later saw him on local commercials advertising their buisness. They WANT to work with you, they WANT your buisness. Contact them. Harley