New Member
Posts: 3
Registered: ‎06-26-2009
Re: The mortgage pre-approval process



My fiance and I are looking to buy a house for the first time. I have a few questions for you. First, can you explain the difference between points and a down payment? As well as an advertised interest rate, vs. the APR? (I really don't understand this because banks are advertising a 4.25% interest rate, and then I've seen posts that mention interest rate AND APR... this is the first I've heard of it, so I don't understand.) 2nd, my fiance is doing the mortgage himself because I have over $100,000 in student loans and no bank will even consider using my info as well because of the loans. So, he has gotten 3 pre-approvals since April. The first is expired (and we really disliked the guy doing it... he wasn't willing to get back to us or anything) and the other two are more recent. We got the second pre-approval because our real estate agent recommended him to us. But he can't explain things to us in a way we understand them, and he wanted me to register for more classes (even though I just completed my MBA program) so that it would appear I was still in school and my loans wouldn't count against me. We felt that was really shady.


The third guy was recommended by my fiance's father, so Josh was pre-approved through him and we're meeting with him on Tuesday, despite the fact that he is so busy he barely found time to deal with us and it took 3 weeks to connect with him to get him to do the pre-approval. HOWEVER, we just saw an ad at a bank that says "lowest rates in town, no closing costs." We were wondered if getting a 4th pre-approval will cause problems with his credit score? He has a score high in the 700's and we don't want to ruin it, but the offer at the bank seems to be a great one.


Thanks for your help!