Re: The mortgage pre-approv
09-15-2010 02:15 PM
Good afternoon Shane. Thank you for all your helpful insight. This has eluded me for a long time… Perhaps you can help me out with this. When shopping around for a mortgage, would asking the competing banks the following questions be appropriate? Because in the past, the banks looked at me like I was from Mars or something.
1) What’s your % rate for a person with my credit (I’ll have a full copy of at least 2 current credit reports), job verification, past 3 years tax return and financial statement. Proof will be handed to them in a nice 3 ring binder with colorful “idiot” tabs.
2) Total amount of money for ALL FEES, not associated with the principal and interest.
3) And finally, banks policy on early termination / payoff fee (if any)? -Note if there is any, I won’t bank there…-
Now I provide them with all the data, so that they can give me their best deal with the information I gave them. I refuse, I repeat- I refuse to let them run a credit check until I know they are in the ball park of where I want to be. Most seem to say they really need to do a full credit check to give me their best deal and without that credit check there is nothing to talk about. To the consumer that’s like “going steady” before we even have the 1st date. A discounted %rate is no good if I get over charged for mis. fees .
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