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Profile picture for ChristopherFrazee

Preapproval?

I have a 690 beacon, make about 3-5k per month, looking to put 5-10k down. I just don't know how to go about getting pre approved. Also would like my monthly payments around 500-600per month everything included.
  • January 06 2014 - Saginaw
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Answers (6)

Profile picture for USMortgageRanger
Hello Christopher,

The 1st part of any home ownership is to get with a lender that does TX mortgage and one where you can speak directly with you Loan officer to find what type of program you can qualify for and is there any form of assistance available to you from the state or city. I personally cove all loan type in TX along with TX grants if you need more information you can reach out to.

Thanks

Lowell
  • January 18 2014
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Profile picture for CotyLewis54
Preapproval's are very simple to obtain as long as you work with the right lender. I agree with all the responses below. Start at your local bank or credit union that you do business with now. Also find a Realtor. Personally as a local Realtor, I have a list of lenders, who i send my clients to. Always best to check around and make sure you are getting you the best deal. 
  • January 18 2014
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Profile picture for JustinLeffew
Great answer by Joshua. Only thing I disagree on is "Due to the new licensing regulations, as long as you choose a licensed lender, you can be fairly certain that they know what they are doing". This could not be farther from the truth.

There are MANY licensed originators who are not great at what they do. There are close to 400,000 Loan Originators in the United States. Your best bet would be to call a few, and pick one or two who you feel comfortable with. Once you have a purchase contract, pick whoever has the better deal.
  • January 07 2014
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If you need a referral to a good loan officer in Saginaw, please contact me via my profile. Although I am licensed in other states, I am from Saginaw, very familiar with the area, and luckily have a cousin there who happens to be a loan officer at a local bank.
  • January 06 2014
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You have a number of options to get a pre-approval:
1.  You can search for a lender online.  Due to the new licensing regulations, as long as you choose a licensed lender, you can be fairly certain that they know what they are doing.  Just make sure to review http://www.nmlsconsumeraccess.org.  This site will show you that the lender you are speaking with is licensed.  Just make sure to do some background searching and look for reviews of the lender as well.  It is amazing how much information you can find if you simply google someone.
2.  You can search for a lender in your local phonebook (yellow book or yellow pages).  This route though will simply lead you to someone who pays more for advertising, which can end up meaning you pay more due to the lender's need to cover their overhead.  It will give you a list of local lenders for you to review.
3.  You can ask family and friends for a referral.

Once you have decided on a lender:
Gather your W-2s last two years, Federal Tax Returns last two years, Paycheck Stubs for one month, Bank
statements for the last two months, and driver's license and social security cards.

Then contact the lender to setup an appointment and/or apply online at their website.  As long as you don't indicate a property address, it will be a pre-approval.

Should you need further assistance, I am a licensed mortgage originator in Michigan, Wisconsin, and Minnesota and would be happy to help.
  • January 06 2014
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Getting a loan pre-approval is not difficult. Go to the bank where you are already doing business and speak to a loan officer there. Your Buyer Agent will also be able to help you get your pre-approval letter.
  • January 06 2014
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