Much needed guidance on mortgage process

[JVille]

Strongly suggest a sit down with a lender even if you are missing that W2. The W2 is not with your Fiancé current employer, correct? More important to have a lender take a close look at your current financial situation. Checking off details for UW that is from a prior job is something that can be dealt with later. You need a face to face with a Lender. Taking everything with exception of the missing W2 for a former employer will be fine. But go now so you don’t have unexpected surprises!

[Anonymous]

Okay. I want to do some rate shopping to that I can sit down with a lender but I am concerned about the effect of the Equifax breech will have on lenders ability to pull my credit report. I signed up for Trusted ID service that they provided in response to the breech. Will lenders be able to pull my report without any problems despite signing up for this service?

Via the email Equifax provided me this is what the service provides. Any of this sound like a it would prevent a credit pull?

• Equifax Credit Report: Provides copies of your Equifax Credit Report.
• 3 Bureau Credit File Monitoring: Credit file monitoring and automated alerts of key changes to your Equifax, Experian and TransUnion credit files.
• Equifax Credit Report Lock: Allows you to prevent access to your Equifax credit report by third parties, with certain exceptions.
• Social Security Number Monitoring: Searches suspicious web sites for your Social Security number.
• $1M Identity Theft Insurance: Up to $1 million in ID theft insurance. Helps pay for certain out-of-pocket expenses in the event you are a victim of identity theft.

[JVille]

Yes as long as you didn’t Lock or Freeze you Credit. I signed up too and my lender had no issues. I was notified within a couple days that my credit had been pulled by the Trust ID account.

[Anonymous]

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@JVille wrote:
Yes as long as you didn’t Lock or Freeze you Credit. I signed up too and my lender had no issues. I was notified within a couple days that my credit had been pulled by the Trust ID account.

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Okay, thanks! Another thing. I feel really stupid for asking this but I want to get a quote from one lender and they have a place on their website to " start a loan application", is this how I get a mortage quote. By submitting a loan application. Or is this for obtaining a pre-approval? 

[JVille]

You need to actually go in and speak to a lender and develope a relationship. They need to be able to discuss with you your financial situation and the financial info (paystubs, W2’s, etc). Filing out a form online gives no opportunity for questions.

You need to get recommendations from your RE Agent, Friend, neighbors and coworkers about the best local Lenders. Who they used and why.
You will get the best service with a smart local lender who has local Face to Face availability.

[JVille]

PS there are no Stupid Questions, possibly stupid answers but just Ask. This forum has fabulous advice and lots of industry pros with good advice.

[Anonymous]

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@JVille wrote:
You need to actually go in and speak to a lender and develope a relationship. They need to be able to discuss with you your financial situation and the financial info (paystubs, W2’s, etc). Filing out a form online gives no opportunity for questions.

You need to get recommendations from your RE Agent, Friend, neighbors and coworkers about the best local Lenders. Who they used and why.
You will get the best service with a smart local lender who has local Face to Face availability.

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I just want to shop for rates before choosing a lender. The lenders I am considering are not open on the weekends. That means I'll have to leave work 4 different times to get 4 different quotes a matter of 14 days (so that all inquires count as one), is very low. Not only that, I'd have to make sure my fiance was able to get off of work at the same time. So you're saying the only way to rate shop and get a quote is to sit down with every lender I am interested in?

[JVille]

Estimates are worthless! Unless you can close at that minute in time. Priceless is a couple referrals from people you know and trust. Rates on Fixed products & pricing are so similar and completely driven by your Fico Scores.

Do you have an accepted Purchase agreement?
Most Great Mortgage Brokers will meet with you in the evening or weekends. I sure did and know many others who do.

[Anonymous]

I have no idea what a purchase agreement is, but I'm going to go out on a limb and say no because we have yet to go anything related to buying a home/obtaining a mortgage.

[NC_Mtg_Loaner]

Interest rates can change regularly, sometimes even twice a day if the market is volatile and since all lenders costs can vary, what you want to compare is the APR of your proposed loan on a purchase transaction.

You don't even need to meet with every lender either as it's really just a waste of time unless you want to get to know this lender and assure yourself that you can trust them.   Believe it or not, most Loan Officers generate a lot of business from referrals of past clients and realtor partners who know they've done a good job for them.   

You should talk with as many as possible, ensure your own confidence that you're picking the right lender.   Combine this with the fact that they'll find you the right loan program and not worry about the rate as I'm certain someone you trust that's been referred to you by other trusted peeps in your life won't do you wrong when it comes time to get the job done.