What are the best places to go to get pre qualified for a HOME, for first time home buyers?

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What are the best places to go to get pre qualified for a home, for first time home buyers?

  1. Reply
    July 17, 2011 at 7:36 pm

    Any major lender will do. Wells Fargo has the best customer service.

  2. Reply
    infinite crisis 247
    July 17, 2011 at 8:24 pm

    you don’t want to get pre qualified, you want to get pre approved. any lender will do, but you will want to shop around for the most competitive rates with the lowest closing costs.

  3. Reply
    Patricia C
    July 17, 2011 at 9:05 pm

    Go to a lending institution in your area and speak with someone there. They will ask you lots of questions about your finances, then tell you what they think you can afford to buy.

  4. Reply
    July 17, 2011 at 9:17 pm

    First, I’d get a REALTOR. Check his/her license out with your states DRE website for any conditions and or disciplinary actions, if any. Check his/her broker, also.
    Check his/her references with previous clients.
    Then, he/she should be able to recommend several lending institutions to give you a few options.
    Depending on whether you go VA, FHA, Conventional, etc, they all have different criteria.
    Some, if not all, REO’s (bank owned properties) show that you must qualify with XYZ Lending Institute first. That doesn’t mean you have to go with them, though. The choice of a lender is ENTIRELY up to you. Just don’t pay for anything with any lender until you decide.
    Don’t worry about several inquiries into your credit standing. Credit checks for large purchases do not reflect negatively on your FICO. I’ve seen as many as six in a 30 day period and nothing changed. It’s assumed that because of the large amount involved, you’re shopping for the best overall transaction.
    All lenders want your business so you’ll best be served by those that you feel are being honest with you, feel comfortable with, etc. A lot of things are negotiable, also, so don’t believe everything you hear from them. Be loyal to your REALTOR and your chosen lender as you will probably get calls offering all sorts of things….free dinners, toaster, cash…..to change your choice.
    Don’t confuse a real estate agent with a REALTOR. They’re different!
    Try your bank first, just to see what they say.
    If it’s a Credit Union, they usually don’t do FHA loans.
    It’s against the law to do several things for or to a buyer so check out RESPA (the law). Such as a realtor (or agent) cannot be rewarded for sending a buyer to a certain lending institution, for example.
    This is an excellent time to purchase but do your homework, read everything and question everything.
    Personally, I like 30 year fix loans. No surprises, that way and you know what the mortgage will be in years ahead.

  5. Reply
    July 17, 2011 at 10:11 pm

    You want to find a loan officer that is located in the same area as you so you can walk in and talk— if things need to be taken care of you don’t want to work thru a phone tree.

    You want to the loan officer to be experienced and competent. You do not want the person to learn on the job with you.

    To find this person- ask your friends and relatives that have bought or refinanced a home loan recently for recommendations.

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