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My head is spinning, so I'm hoping someone can help. I thought when you were trying to get a pre-approval that you wanted to shop around for the best deal. I have narrowed it down to two mortgage companies and my credit union. On another post, Shane I think it was, said you should only have one pre-approval. If you only go with one, how do you know you're getting the best deal possible for you? I have read and studied so much, I thought I had this all straight in my head - now I'm totally confused.
I'm working with a realtor and looking at possible properties. Spent a couple of hours on the way home today looking at potentials. (Found myself at one point driving down a hard-packed road, crossing over a swollen river, and wondering if I was going to be the headlines for tomorrow's news!) MapQuest doesn't always do a good job explaining the terrain you're going to be going through. I've spoken to two companies (hate to say, I'm not sure if they are mortgage brokers or mortgage bankers but I'll find that out tonight!) and went by the credit union today, but have to get back with them on Monday before submitting my application. Do I continue talking to all three, or do I pick just one? How do you decide who to get the pre-approval from? Then what? Is this the company that you'll be stuck with, or is there another opportunity later on to shop around?
I'm not even sure if I'm asking the correct questions now. HELP!
Thanks!
Your help will be much appreciated!
SilverBerries
Thanks, Shane. I think I understand what I need to do now.
SilverBerries
I've only spoken with the three, plus provided some prelim info. in e-mails or over the phone. I haven't submitted an application to anyone yet. I was getting ready to, then hesitated because of the "you only need one pre-approval letter" comment. So, do I go ahead and fill out the application with all three? I guess that's what I need to know. As far as feeling comfortable, I have one that I "feel" the most comfortable talking to, but have confidence in all three. It is possible that the credit union could end up having some better interest rates, but the LO I feel comfortable with seems to know the ins and outs of getting financing for educators. Bottom line here - what is my next step? Fill out the application? All three or pick one? Once I decide on the home, do I contact all three for the best GFE or just one?
....and on the same subject, different topic, will an automatic application go through if I have fraud alerts on my credit reports? Equifax has been removed, but it's still on TU and Exp. It was put on 3-4 years ago and was only supposed to be good for three months, but they never took it off. (Hackers got into the UNI's financial system.)
Thanks, again, for the help. Just goes to show you that all the reading in the world never prepares you as well as hands-on experience.
Shane, thanks for the response. I appreciate your assistance - and anyone else who has helped!
SilverBerries
Thanks, Shane. I think I understand what I need to do now.
SilverBerries