| Pre-qualifying for mortgage loans in order to shop around? |
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Elmira Nancy
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| Pre-qualifying for mortgage loans in order to shop around? |
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Is pre-qualifying for a mortgage loan the way to compare loans? I am a first time home buyer and want to understand the best way to shop for a loan. Then if I chose a loan and wanted to get pre-approved, how long does it take to get approved before I can put a bid on a house?
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Mon Feb 08, 2010 9:35 am |
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coaster
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The one danger in shopping around is generating too many requests for credit reports. Too many credit checks is a negative input on your credit score. So don't do it until you're ready and you're serious, and then do it in a fairly short time....less than a month.
~Tim~
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Mon Feb 08, 2010 5:25 pm |
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salenacaitlyn
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You could do that, or just ask the current rates for someone with your credit score, income level, and debt-to-income ratio. They can't guarantee that's the rate you'll get but it's a start. Often what happens is you will pick a bank you trust and they will shop within their own programs for the best loan for your circumstances. When you are ready for pre-approval, this process can be done within a few hours. Have your pay stubs, copies of two years of tax returns, monthly debt payment amounts and account numbers for debt and saving accounts handy. When pre-approved, the bank will email, fax, mail, or hand you a letter (depending on the location and circumstances) that you can use when making an offer on a home.
Your rate may not be locked in until underwriting, which is after you and a seller agree to an offer on a home and complete the inspection process. This can take a couple of weeks and requires a more thorough check of your finances and credit situation. Sometimes that means the loan program you were approved for will no longer be approved or that more down payment money will be required.
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Tue Apr 20, 2010 8:45 pm |
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iwillguide
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| hi |
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i think it is not good get mortgage from a private lender .just try from your bank
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Wed Apr 21, 2010 9:57 am |
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thad99
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Joined: 14 May 2010
Location: Indiana
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When we were looking to get our house we talked to our bank, and they told us about all the different types of loans. We then chose the best loan for us, and only got pre-approved for that loan. That way we did not take a large hit on our credit score. I do not remember how long it took to get pre-approved, but it was not long. If you are working with an experienced banker then they will not have you apply for a lone you can not get. I would guess only a few days.
Forex
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Fri May 14, 2010 12:19 am |
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