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Sometimes you can pull you own credit (which doesn't hit it the same way as a lender pull) for a preliminary approval. When I have shopped my own loans I have made a pdf of my credit and shopped "based on this report/score". I have a couple of lenders that I have a relationship that will do this. You will need for them to do an official pull prior to loan finalization, but at least you know you are pretty much good to go before that occurs using this method.
Countrywide does this on homes they own. They are the beneficiary in two ways.
1. They have a clearer understanding that you can perform.
2. You are more likely to simply go with them since you have already taken the pre-approval step. This helps cut their losses in the long run.
It is relatively painless to do this and you can still go to your own lender for the loan.
I don't really have a problem with them trying to make certain a borrower is qualified, my problem is when agents actually name the specific Countrywide loan officer. I have seen this and feel it goes too far.
You dont necessarily need to borrow from Countrywide..Find a lender, get prequalified and then get a Countrywide contact in REO department through the listing agent and send them your conditional approval letter, 1003 (application), credit report, and DO findings (your automated approval).
They just want to see that they arent dealing with a marginal or iffy borrower.
sometimes the agent has a friend @ countrywide and it is just easier if all the preapprovals go through the same office... that goes double for Cwide REOs
I would be extremely carefull with this approach. You might what to ask you REALTOR if there is a realtionship between the seller and anyone at Countrywide. If so you may be showing the Seller your checkbook balance before you start the negatiations. If all are unrelated parties then it may just be a way to standardise the pre-qualification.
Remember that most pre-qualifications do not pull credit. This usually only done for a Pre-approval.
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Countrywide prequalification for Offer Submittal
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Does anyone have any experience with this? I would need to be prequalified with Countrywide if I want to make an offer on a property. What did they want from you for a prequalification? I really don't want to risk a hard inquiry on my credit report. Did anyone have any luck getting an offer accepted without getting preapproved through them? I sort of don't understand this because I put an offer last month in on a house whose lender was Countrywide and I didn't have to prequalify that time. Any help would be appreciated.
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