04-07-2010 08:35 PM
The general consensus seems to be that I should get preapproved before I start shopping for a home. My question is, what is the best way to get preapproval? Should I use a broker or should I apply with a particular mortgage lender or bank? Anyone have any personal experiences to share? I am a member of USAA, NFCU, and Penfed, but I have heard good things about Suntrust. Any suggestions? This will be my first home, so ANY info would be appreciated by this newbie
04-08-2010 01:38 AM
Check with 3 places, who you bank with, a mortgage broker and SunTrust (they are decent, but everyone has a different opinion)... referrals are great too since they wouldn't be referring you to a loan officer who is a chump.
04-08-2010 10:23 PM
I got pre-approved with USAA, NFCU, and SunTrust and had the darndest time trying to figure out the best deal without a true GFE (but that's another story). NFCU was the toughest, and I came to really dislike the automated system of USAA. I went with SunTrust as they were local and I could see who I was doing business with, and seemed to offer just as good a deal, if not better than USAA. I was completely satisfied with the whole process with them! LO was terrific, answered email after hours and on weekends. Sped me through and got me a "quick close". Their whole team was great. Prompt answers to all my questions, and never "left me hangin".
05-01-2010 11:39 AM
Thought is to never apply online, always apply with a human being.
05-04-2010 09:29 PM
Yeah, I agree. I applied online w/Suntrust at first got a call w/in a week or so, took in all documents they asked for to the LO's assistant, got maybe one or two emails and never heard from them again. I was required to get pre-approved through suntrust through a previous property I was bidding on, so I contacted her and she got it done QUICK. Answered my question (via phone texts) after hours and on weekends too!
05-05-2010 07:59 AM
I went with usaa last oct for my mortgage, and they were were outstanding. They love good scores preferably in the 700s. My dti was at 48%, but they still approved me because my mid score was 760. You can track your mortgage process online for daily updates. They rejected the HUD from the titile company three times because they noticed that they were trying to sneak in some fees. They wanted me to bring $1800 at closing even though the seller took care of almost all of the closing costs. Finally all i paid at closing was $360. Personally, I was amazed at how they fought for my interest as a member. Give them a try. I do most of my banking with nfcu, but went with usaa because they gave me a better deal. Nfcu approved me for 5.00 and usaa gave me 4.87 interest rate.
05-10-2010 10:15 PM
Any update mebb?
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.