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Answers (17)
- Rudi Hofmann, "LUXURY HOME LOANS CA"
- Contributions:7435
My response to use someone local.
Not everyone does business in the same manner. Our secure document handling is the most secure available.
Let me point out one situation that would be unknown. You walk into ABC Local Mortgage. You fill out an application and you brought all your documents needed for the loan package. The loan officer puts your file in a rack on his desk along with the others he's working on.
After hours the cleaning crew comes in. They have a new person. She cleans all the desks in the office. Then copies the information such as Social Security Numbers and Credit Card info from the files on those desks. Very secure, huh? No need to worry. Another fact. One in Seven SSN have more than one name attached. This doesn't just happen from sloppy emails. .... Happy funding, Rudi
Not everyone does business in the same manner. Our secure document handling is the most secure available.
Let me point out one situation that would be unknown. You walk into ABC Local Mortgage. You fill out an application and you brought all your documents needed for the loan package. The loan officer puts your file in a rack on his desk along with the others he's working on.
After hours the cleaning crew comes in. They have a new person. She cleans all the desks in the office. Then copies the information such as Social Security Numbers and Credit Card info from the files on those desks. Very secure, huh? No need to worry. Another fact. One in Seven SSN have more than one name attached. This doesn't just happen from sloppy emails. .... Happy funding, Rudi
- Joel Fletes, "JoelFletes"
- Contributions:171
Never do Mortgage business online. Sure the convenience is there but your life information can be picked up too easily.
- Barbara Pater, "barbarapater"
- Contributions:37
I highly recommend that you avoid doing this on line. There is too much personal information that needs to be shared. Use someone who is local. You want someone who can guide you through the loan process and is personally involved!
- christina pickle, "Realtor In Tampa"
- Contributions:12
I would not recommend that anyone get pre-appproved online. Find someone locally! It is always better to work with someone who you can meet face to face, if need be. As you go through the mortgage process you will find that additional information will be needed as you go. One would think that all the information and paperwork would be gathered all at once, but I find that my clients are continually asked for more information as the process continues. Often times a company will hide behind the distance, not returning calls and emails. People are much less likely to do that if they know that you may show up at the office at any time to hold them accountable. No matter where you go, you will not avoid frustration, so prepare yourself. It's very seldom easy, but do yourself a favor and find someone local.. Real estate 101
- David Hoggatt, "Roseville_Broker"
- Contributions:471
[link removed by moderator]You can request a quote from their website for any type of home loan without having to give personal information.
- Joseph Domino, "ScottsdaleAZHomes"
- Contributions:176
I like working with local people. This way if they screw up, I can go sit on their desk until they fix it. No emails that they can ignore.
- Tina Elmer, "tina.elmer"
- Contributions:3
There is alot of great advice here. Bottom line real estate is local. So national online websites may not give the most accurate mortgage numbers. Consult your local realtor to find out which lender they reccommend. With mortgage regulations getting tougher every day speaking with someone who has local market knowledge in adition to lending knowledge is paramount. Best of luck!
- FRANK STADLER, "25 Yrs Mtg Lending"
- Contributions:76
Most loan officers these days will give you several options to apply making it extremely easy for you to get your approval. Loan officer should offer the the options to apply via in person, phone, fax or online.
I would recommend going with a lender that you trust and that is local. Part of the service that I offer is that I attend all of my borrowers purchase closings. Using a local lender is best as they know the local market place and local practices.
You are smart to look for a pre approval and not a pre qualification. If you are pre approved vs. prequalified. This tells the sellers agent that your income and assets have been reviewed in most cases and that all you need to do is find a house. Pre qual is typically a loan offcer reviewing your credit and don't having an underwriter reviewing any of your documentation. Go with a lender that has in house underwriting.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3914
I think you should call your Realtor, ask them for recommendations. Also, if you belong to a credit union,talk to them. You can get several quotes that way, find out who you feel more comfortable with, who is most proactive and then get pre approved. If you arent working with a great Realtor email me and I will recommend several for you in your area.
Good luck to you, sounds like you are on the road to buying a home for that little girl!
Good luck to you, sounds like you are on the road to buying a home for that little girl!
- Aimee Renkes, "ChicagoMortgageMom"
- Contributions:10
To get a true pre-approval, any quality loan officer/lender should want to see at a minimum your recent pay stub and bank statements to verify that the information being used for the pre-approval is what the actual loan underwriter would use too! And in some cases tax returns are also critical to the pre-approval. You can start by filling out infromation online, so whether you apply online or over the phone, you should be prepared to provide some minimum documentation to support the pre-approval.
You wouldn't want a doctor to diagnose your illness without gathering some facts and information would you? Well then you shouldn't base decisions on a pre-approval where the facts and information aren't collected first.
If the lender you get quotes from doesn't ask for that information, then I wouldn't feel 100% confident that you are getting the best service, advice and peace of mind that the pre-approval will actually lead to a full approval and closing.
Finally, any lender nowadays has to meet licensing criteria including testing, continuing education and background checks. I work for a federally chartered bank so we also strictly adhere to privacy and banking laws. So if you are worried about your data floating out there, you should feel confident that going with a local lender, and possibly one at a bank, will be more secure.
You wouldn't want a doctor to diagnose your illness without gathering some facts and information would you? Well then you shouldn't base decisions on a pre-approval where the facts and information aren't collected first.
If the lender you get quotes from doesn't ask for that information, then I wouldn't feel 100% confident that you are getting the best service, advice and peace of mind that the pre-approval will actually lead to a full approval and closing.
Finally, any lender nowadays has to meet licensing criteria including testing, continuing education and background checks. I work for a federally chartered bank so we also strictly adhere to privacy and banking laws. So if you are worried about your data floating out there, you should feel confident that going with a local lender, and possibly one at a bank, will be more secure.
- Lisa Laidlaw, "PropertyCoach"
- Contributions:8
Get a face to face with a loan originator. Your on line pre qualification may not be what you need to secure the home you want!
- Jack O'Leary, "BostonProps"
- Contributions:16
If there was one "best" place to go, we'd all be there now :-) Your best bet is to know your credit and credit score first (www.annualreports.com - one free report from each agency once a year). You can get your credit scores, too, sometimes for $8 or less. (And this is slightly different from the FICO credit score that your mortgage company will get, but a very good indicator). Then talk to your real estate agent, your banker and others letting them know your score. Don't allow them to pull credit at this point. You want to compare apples to apples. What's the rate? Any points paid (point = 1/4 interest rate point so add .25 to any rate where you have to pay a point). Are closing costs paid by the mortgage lender? or rolled into the loan or do you pay all costs? If you're paying or they are being rolled into your loan, know and compare all the costs (appraisal fee, administrative fee, processing fee, etc.) It's extremely difficult to compare all the parts, but you can. Once, you have an idea of a good one, let them pull your credit and then, go to the next guy and ask him to beat it. And don't let more than 2 or 3 pull your credit for this. It may slightly affect your score with multiple credit inquiries. And www.bankrate.com is a great place to start for getting ideas of current rates and terms.
Best of luck to you!
Best of luck to you!
- Nate Moch, "Nate"
- Contributions:84
My recommendation is to search for the best lender and then ask them for a pre-approval. You can use sites that have lender ratings and reviews, like Zillow Mortgage Marketplace, to find a highly recommended lender who generally provides low fees, or you can ask your agent for a recommendation. Although you are under no obligation to apply for a loan from the same lender who gave you a pre-approval, it often makes sense to continue with the same lender if you've had a good experience so far because 1) you can save time since the lender who pre-approved you has already collected most of the information they'll need to provide you with a loan quote, and 2) you've already had a chance to see whether or not you enjoy working with them based on how well they answered your questions, responded to your calls/email etc during the pre-approval. That said, it's always a good idea to compare loan quotes from multiple lenders to make sure you are getting the best deal. Open, competitive marketplaces with ratings typically have the lowest rates since lenders are forced to compete.
- Matt Laricy, "Matt Laricy"
- Contributions:1620
Have your agent recommend a lender they use. A lender that works more local to you will better fit your needs, since each states laws may differ than the one you are getting approved from.
- Vivianne Rutkowski, "VivianneRutkowski"
- Contributions:923
Vince,
Keep in mind that online mortgage pre-approval is only to give YOU an idea of your purchasing power.
When you decide to put an offer, an experienced listing agent will ask for the actual Lender Letter - Lender Letter does NOT require you to lock in the interest rate untill you are ready to go to the closing.
Keep in mind that online mortgage pre-approval is only to give YOU an idea of your purchasing power.
When you decide to put an offer, an experienced listing agent will ask for the actual Lender Letter - Lender Letter does NOT require you to lock in the interest rate untill you are ready to go to the closing.
- Chris Pray, "Chris Pray"
- Contributions:103
I prefer recomending local lenders to my clients. You likely will discover that the local loan officers have a website that you can log onto enter your information. I have had sucess with USAA's website, but you must be a member.
- George Slowinski, "gslow1"
- Contributions:561
If you are working with a Realtor they will be able to refer you two some lenders. The lender is a key part of getting your home successfully closed so they can make a difference.
Where is the best place to get an online mortgage pre-approval?
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