Mortgage Lender for Pre-approval

Chris1771

Silver Member
#1
I am looking to buy a house in early spring and want to get pre-approved. Can you recommend a good mortgage lender?

Thanks in advance!
 

mikel

Platinum Member
#2
Just go to bankrate.com, pick one and call them. Should be able to get a quick preapproval.

http://www.bankrate.com/funnel/mort...spx?ic_id=CR_SearchMtgProdTypeProduct&prods=1

I've done almost all my mortgages loans and refi's from here. Although, once, I used quicken loans because they were giving miles just for applying and it turned out, they found the lowest rate.

Most everybody is fully electronic now with https websites, so you just upload your docs to them. very easy.
 

Chris1771

Silver Member
#4
Should I look into getting pre-qualified or pre-approved? Will it make a difference? Is one better than the other when it comes to a seller looking at an offer?
 

rawhide

Diamond Member
#8
Should I look into getting pre-qualified or pre-approved? Will it make a difference? Is one better than the other when it comes to a seller looking at an offer?
Yes, there is a difference.

I would much rather utilize the services of a local mortgage broker/lender than a web provider for a home purchase.
 

rawhide

Diamond Member
#10
A mortgage is a commodity. Shopping for a home is a whole separate topic.
We used a web provider for a mortgage loan. They had the best rate out there. When our closing date arrived, loo and behold, the wheels came off at that web provider. The had not processed our loan and the "loan officer" was completely inept and incompetent. We could not drive to her office to provide her with the docs that same day, even though we had sent them electronically twice before.

The result, we had to push our closing back a week. Fortunately, the seller agreed.

Re-fi, sure utilize a web provider.

Initial mortgage loan, in order to take possession of the property, I will do a local mortgage broker.
 
#11
I highly recommend Lewis Brooks at WJ Bradley. He pre-quals all of our clients. His service is outstanding (available evenings and weekends), great communicator and terrific rates. He actually attends the closing with our clients and realtors. Great man. 972-739-0431 office. http://www.wjbradley.com/Lewis-Brooks
 

sjdfw

Silver Member
#12
I bank with Bank of America and did mine with a local branch, so I still had the local face to face contact. I would look at whoever you bank with as an option. I got a few discounts that save me a little bit. The thing I REALLY liked is BofA letting me do my own escrow without charging me a fee for it. If that's something you want to do on your own, definitely look at that line item and get it waived. It can be upwards of $1k out of your pocket for no reason.
 
#13
Thanks guys!!! Awesome to read!

To the escrow waiver – it is a Fannie/Freddie deal – and for years, lenders never addressed that it was a cost to handle on your own – as we had what was called Yield Spread on the back of the rate we set and had that cover the fee. When the Dodd/Frank passed and had any Yield go back to the consumer as a Lender Credit – then you started to see it more and more as a line item on the final HUD.

In most cases the charge is .25% of the loan amount but I have seen that go lower on a Jumbo loan. Many times, if you set a loan up with an escrow account and then years later ask to take care of that on your own, they will charge that same % cost but not always. I don’t doubt that on your BOA loan they did not show the fee but from lending for the last 13 years – nothing is free and lenders find ways to bury or move fees around on the back – outside of your view – like a good CPA would have done at Enron!
 

mikel

Platinum Member
#14
That's why I always compare total fees/costs and actual interest rate of loans. There is definitely a reason for the fee however because there is much higher risk of somebody without an escrow to not be able to pay taxes at the end of the year and possibly lead to foreclosure. Huge potential costs for the bank.
 

sjdfw

Silver Member
#15
Thanks guys!!! Awesome to read!

In most cases the charge is .25% of the loan amount but I have seen that go lower on a Jumbo loan. Many times, if you set a loan up with an escrow account and then years later ask to take care of that on your own, they will charge that same % cost but not always. I don’t doubt that on your BOA loan they did not show the fee but from lending for the last 13 years – nothing is free and lenders find ways to bury or move fees around on the back – outside of your view – like a good CPA would have done at Enron!
I'm pretty confident they didn't bury it in my loan. I got the initial line item amount and then asked her to take it out. It was pretty easy to waive. Wells Fargo wouldn't budge on it though, which made it easy to choose BofA, who I was banking with anyway. That may be why it was so easy to take out as well.