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Member
mebb82
Posts: 23
Registered: ‎03-29-2010
0

VA Mortgage Preapproval Question

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 :smileyhappy:

Super Contributor
ShanetheMortgageMan
Posts: 8,252
Registered: ‎09-28-2007
0

Re: VA Mortgage Preapproval Question

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.

Frequent Contributor
ArmyStrong
Posts: 335
Registered: ‎01-09-2009
0

Re: VA Mortgage Preapproval Question

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".

TU: 556 12/12/08 ~ EQ: 509 12/12/08 ~ EX: 509 12/12/08
TU: 588 8/7/09 ~ EQ: 529 7/30/09 ~ EX - ?? (509 12/12/08)
TU: 619 9/01/09 ~ EQ: 608 9/01/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 626 9/30/09 ~ EQ: 624 9/30/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 659 10/7/09 LO PULL EQ: 624 10/7/09 LO PULL EX: 659 10/7/09 LO PULL
Member
mebb82
Posts: 23
Registered: ‎03-29-2010
0

Re: VA Mortgage Preapproval Question

I applied online with SunTrust last Thursday.  So far, they have not pulled my credit and I have heard absolutely nothing from them.  Any thoughts?

Super Contributor
ShanetheMortgageMan
Posts: 8,252
Registered: ‎09-28-2007
0

Re: VA Mortgage Preapproval Question

Frequent Contributor
ArmyStrong
Posts: 335
Registered: ‎01-09-2009
0

Re: VA Mortgage Preapproval Question

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!

TU: 556 12/12/08 ~ EQ: 509 12/12/08 ~ EX: 509 12/12/08
TU: 588 8/7/09 ~ EQ: 529 7/30/09 ~ EX - ?? (509 12/12/08)
TU: 619 9/01/09 ~ EQ: 608 9/01/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 626 9/30/09 ~ EQ: 624 9/30/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 659 10/7/09 LO PULL EQ: 624 10/7/09 LO PULL EX: 659 10/7/09 LO PULL
Frequent Contributor
nathan
Posts: 411
Registered: ‎04-18-2007
0

Re: VA Mortgage Preapproval Question

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.

Frequent Contributor
ArmyStrong
Posts: 335
Registered: ‎01-09-2009
0

Re: VA Mortgage Preapproval Question

Any update mebb?

TU: 556 12/12/08 ~ EQ: 509 12/12/08 ~ EX: 509 12/12/08
TU: 588 8/7/09 ~ EQ: 529 7/30/09 ~ EX - ?? (509 12/12/08)
TU: 619 9/01/09 ~ EQ: 608 9/01/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 626 9/30/09 ~ EQ: 624 9/30/09 ~ EX - ?? (640 FAKO 9/01/09)
TU: 659 10/7/09 LO PULL EQ: 624 10/7/09 LO PULL EX: 659 10/7/09 LO PULL
Member
mebb82
Posts: 23
Registered: ‎03-29-2010
0

Re: VA Mortgage Preapproval Question

We went with ERA Mortgage, got a great rate, and closed yesterday.  Thanks everyone for your advice!

Member
mebb82
Posts: 23
Registered: ‎03-29-2010
0

Re: VA Mortgage Preapproval Question

Also, rate was 4.875 and we got $600 back at close.  We used USAA Movers Advantage as well so that will be another $1250 we will get from them!


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