Zillow Advice: Buying Process - Countrywide prequalification for Offer Submittal

I would be extremely carefull ...

Sat, 27 Sep 2008 18:16:00 GMT

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.

For me they wanted a statement ...

Sat, 27 Sep 2008 14:59:00 GMT

For me they wanted a statement of income, and a list of assets. But that was at the end of last year, and the conditions may be different today.

sometimes the agent has a ...

Fri, 26 Sep 2008 20:29:00 GMT

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

You dont necessarily need ...

Fri, 26 Sep 2008 19:41:00 GMT

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.

Countrywide does this on ...

Fri, 26 Sep 2008 11:58:00 GMT

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.

Sometimes you can pull you ...

Fri, 26 Sep 2008 11:42:00 GMT

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.