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Answers (7)
- Rick Dionne, "Connecticut Mortgage"
- Contributions:1
Myself or one of my loan officers would be happy to help you with your preapproval and to answer all of your questions in person if you would like. Our website is www.teamprimary.com and it has a lot of answers to your questions as well. But if you click on offices, you can see which one is closest to you. Let me know if you need anything else
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
In response to your 2nd question on the thread.
It's best to shop around first to find someone you think is capable and that you feel comfortable with before you get a preapproval. You will need to complete a loan application and have the lender order a credit report.
Some direct lenders like us will give you a full approval with property to be determined. What this means is you are good to go. All underwriting to approve you is done. Now, it only depends on the subject property for the loan to fund. Our time-frame for this is 72 hours. Others may vary.
Happy funding, Rudi
It's best to shop around first to find someone you think is capable and that you feel comfortable with before you get a preapproval. You will need to complete a loan application and have the lender order a credit report.
Some direct lenders like us will give you a full approval with property to be determined. What this means is you are good to go. All underwriting to approve you is done. Now, it only depends on the subject property for the loan to fund. Our time-frame for this is 72 hours. Others may vary.
Happy funding, Rudi
- Russell Smith, "RussellMortgage"
- Contributions:109
I always recommend getting an actual preapproval for a mortgage prior to contract on a property. Many sellers will want a preapproval letter anyway. You, as a buyer, need to know what you qualify for as well. Some lenders may charge an application where others like myself do not for just getting a preapproval. With a preapproval, you will know the items you would need to produce for processing, your qualifications, and like you said, give the seller confidence and you better negotiating power. A contract before preapproval is not a good idea to me is basically what I am saying.
- hcaleman
- Contributions:2
Thanks all for the advice. My current employer should not have issues with that, they are aware of the situation and it is in their interest to keep my on as long as possible. Just getting the wheels turning on the process.
Also, a tangentially related question:
How do I go about getting a pre-approval versus a pre-qual? My understanding is that to get a approval I need to submit a formal application, but does that then mean if I want to shop around I need to pay each lenders application fee? I also noticed some institutions want you to be under contract on a property before you apply. I was told it is best to get pre-approvals before shopping so when I am ready to make an offer it provides the seller with greater confidence the transaction will actually happen.
Also, a tangentially related question:
How do I go about getting a pre-approval versus a pre-qual? My understanding is that to get a approval I need to submit a formal application, but does that then mean if I want to shop around I need to pay each lenders application fee? I also noticed some institutions want you to be under contract on a property before you apply. I was told it is best to get pre-approvals before shopping so when I am ready to make an offer it provides the seller with greater confidence the transaction will actually happen.
- Russell Smith, "RussellMortgage"
- Contributions:109
You are a good example of a loan that would have been easy to do a few years ago because loan programs would not care so much about income if you have great scores and assets. In order to qualify for a mortgage, you would need a letter from your employer verifying that you would mainly work from home and that working from your home does not cause any detriment to your employment status. The lender will verify this also independently. Working from home is more common these days because technology allows such. You have a much better chance of approval with 20% down on a conventional loan. If you take a job such as this, go ahead and get your verification letter from human resources so you can show a lender up front. Normal underwriting guidelines require a reasonable commute from home to job daily and your approval will rely heavily on this proof.
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
To take advantage of the better rates and terms you would be wise to wait until you have at least one month of new employment in the same field of work.
About the letter, they may require it states for the next three years. Very few employers would commit to that. Also, if that is not your intention, as you stated, you are looking for work. This may be interpreted as mortgage fraud, if it was uncovered,
Happy funding, Rudi
About the letter, they may require it states for the next three years. Very few employers would commit to that. Also, if that is not your intention, as you stated, you are looking for work. This may be interpreted as mortgage fraud, if it was uncovered,
Happy funding, Rudi
- Daniel Hamad, "AttorneyHamad"
- Contributions:146
Unfortunately it's up to each lender to decide what they feel safe with... and they don't seem to be deciding in your favor here. You could try your idea of providing a statement from your employer - it can't hurt, anyway. Employment in this area would of course be the best possible answer.
Another couple ideas:
1) Try a stated-income/no-doc loan. It'll be more expensive, but you could refinance once you could show employment acceptable to more lenders.
2) Try talking to portfolio lenders. Most mortgage bankers/brokers adhere to strict standards because they just sell the loans off. But some banks hold loans in-house. For example, I had a friend trying to buy a condo in New Haven that made his employment doing contract/1099 work (and he was buying in a mixed-use building which is always a problem). He couldn't find a lender that would approve him. Then I recommended a couple banks to him to try, and one of those (Milford Bank) agreed to finance him. You might try that.
Do not go to the big internet banks - they all sell off their loans. Find the local (both big and small) physical banks. In New Haven that means banks (just off the top of my head) such as NewAlliance, Webster, Milford Bank, Sikorsky FCU, and a variety of others.
I hope this helps. Let me know if I can assist you more as you go through the purchase process.
Another couple ideas:
1) Try a stated-income/no-doc loan. It'll be more expensive, but you could refinance once you could show employment acceptable to more lenders.
2) Try talking to portfolio lenders. Most mortgage bankers/brokers adhere to strict standards because they just sell the loans off. But some banks hold loans in-house. For example, I had a friend trying to buy a condo in New Haven that made his employment doing contract/1099 work (and he was buying in a mixed-use building which is always a problem). He couldn't find a lender that would approve him. Then I recommended a couple banks to him to try, and one of those (Milford Bank) agreed to finance him. You might try that.
Do not go to the big internet banks - they all sell off their loans. Find the local (both big and small) physical banks. In New Haven that means banks (just off the top of my head) such as NewAlliance, Webster, Milford Bank, Sikorsky FCU, and a variety of others.
I hope this helps. Let me know if I can assist you more as you go through the purchase process.
This is not legal advice and is not intended to create an attorney-client relationship. The post is only an opinion. You should speak to an attorney for further information. The poster is licensed only in CT & NY. If this post is useful to you, please remember to upvote it.
How to handle applications process while relocating to new area and job market, 0 debt and 788 FICO
We are relocating to the New Haven, CT area for my wife to pursue a PhD program (there is 0 tuition, school pays her). I am now looking for new work in the area within my industry and have some leads but it may take some time (of course).
When asking for pre-quals from banks the general tone is that everything on our records is fine for a loan except for the job situation. The fact that I might be commuting between CT and VA makes them question whether the new home (1st purchase) would be our primary residence. Basic financials is zero debt, my FICO ranges from 767-788 on the three bureaus, and household income of ~$100k
Am I basically going to have to put my housing search on hold until I find firm employment in the new area? Will an agreement from my current employer stating I am able to work from home and be in the office on as needed basis satisify most lender's requirements?
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