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Best approach for quick pre-approval

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IDontNeedThat
Valued Member

Best approach for quick pre-approval

We are in the process of selling our current home (our first home which we've lived in for 15 years).  The realtor told us we should get pre-approved for shopping for our next home.  We've been so busy getting the house ready to sell that we hadn't done that yet - kicking myself now.  Our house is being listed today.  We are in Oregon, currently in a "sellers market".

 

Long story short, we found a house yesterday that is a great deal and we need to move quickly on it.  So, if possible, I need to get pre-approved TODAY.   Before we found this house and got into a time crunch, the reatlor had suggested we contact more than one lender to get pre-approved and let them know we were shopping.  He suggested we have the first one pull credit, ask them for a copy and give that to the others.  

 

He gave us cards for three lenders.  We discussed the lender I used a year ago to refinance, a credit untion, and his opinion was we should go with someone who only does mortgage.  

 

So...  should we go through several like he suggests or should I just go to the lender I dealt with a year ago and try to get a quick approval?  It was quick and smooth for a refi a year ago.  Our credit is about the same. 738 lowest mid-score.  Good DTI.  etc.  

 

Thanks in advance!

 

 

Starting Score: 591
7/22/14 EX 756, EQ 761, TU 769
2/18/17 EX 832, EQ 820, TU 832
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Best approach for quick pre-approval

Your numbers good so approval is a foregone conclusion, the only question is how quick can they get ya out the door.  My advice is use the relationship you already have with the person at the credit union to fast track the pre-approval.  "I need ya to speed this through in 24 hrs, if ya can we gotta deal."  A wise man once told me it ain't what ya know but who you know.

 

You advised your refi with these folks was quick and easy, they know ya and the situation, see if they can get it done.

Message 2 of 5
IDontNeedThat
Valued Member

Re: Best approach for quick pre-approval


@Anonymous wrote:

Your numbers good so approval is a foregone conclusion, the only question is how quick can they get ya out the door.  My advice is use the relationship you already have with the person at the credit union to fast track the pre-approval.  "I need ya to speed this through in 24 hrs, if ya can we gotta deal."  A wise man once told me it ain't what ya know but who you know.

 

You advised your refi with these folks was quick and easy, they know ya and the situation, see if they can get it done.


Thanks!  That's what I was thinking, but needed someone on the outside to tell me.  Just got the process started with the credit union loan officer. 

Starting Score: 591
7/22/14 EX 756, EQ 761, TU 769
2/18/17 EX 832, EQ 820, TU 832
Message 3 of 5
IDontNeedThat
Valued Member

Re: Best approach for quick pre-approval

That worked splendidly.  She had a pre-approval letter to me within a couple of hours!  Making an offer today Smiley Happy

Starting Score: 591
7/22/14 EX 756, EQ 761, TU 769
2/18/17 EX 832, EQ 820, TU 832
Message 4 of 5
DallasLoanGuy
Super Contributor

Re: Best approach for quick pre-approval

flip a coin.....

 

you can shop later

 

Retired Lender
Message 5 of 5
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