topic Re: online loans? in Mortgage Loans

online loans?

Anonymous — Tue, 06 May 2008 11:46:50 GMT

Are online fha loans for real? Or is it a really bad idea? The reason I'm asking is that my fiance and I live about 3 hours away from eachother, so it might be easier than me trying to get up there to do everything.

Re: online loans?

DallasLoanGuy — Tue, 06 May 2008 13:55:40 GMT

Some of those places ar ok, i guess.

But a local lender can act like an online one just as easy. Most of the people I deal with fax/email everything anyway.

Re: online loans?

Anonymous — Tue, 06 May 2008 14:19:55 GMT

I agree with ya Dallas.. We have been pre-approved, & gotten a commitment letter all without ever leaving our house.. It's kind of amazing how the world has gotten, Being able to do business like this without ever having to meet face to If you could Dallas could you tell me what the difference between the Pre-approval and a commitment letter? This is our first home and just wondering what the diffference is thanks!!

Re: online loans?

DallasLoanGuy — Tue, 06 May 2008 14:23:58 GMT

commitment letter comes from the underwriting dept. it means that the lender has reviewed all docs.

pre-approval is issued by loan officers and is only as good as the loan officer.

when i issue preapproval.... it closes. unless the borrower lied or tried to hide something or there were issues with the property.

you SHOULD have given paystubs and w-2s for a preapproval, bank statements too.

some loan officers take short cuts and dont verify everything. this is why preapprovals fall thru

Re: online loans?

Anonymous — Tue, 06 May 2008 14:55:56 GMT

Yes I did have to send my w's and paystubs, Bank statements, ect. So seeing as I have gotten the letter from underwriting I should be good to go? Also In the commitment letter it states that credit documents must be updated and reviewed if loan is nt closed by 8/9/08. Does this mean they will not be running my credit again before closing?? The reason I ask is my scores could change either up or down. I am plannining on it going up a few pts hopefully over the 680 mark got one TU 683 need to get the other two up 14 pts they are stuck at 666.. Will they run it again at my request? Thanks for the input Dallas!!

Re: online loans?

DallasLoanGuy — Tue, 06 May 2008 15:56:51 GMT

they wont run it again.... report is good or a while.

underwriter has seen the old report.... and it sounds like your loan is done so i dont think they will let you pull a new report.

maybe.

you can always ask

Re: online loans?

Anonymous — Tue, 06 May 2008 16:05:45 GMT

Ok thanks Dallas. Just one more qustion if I could. If my credit is not going to be run again before closing does this mean I am free to use my cc's again?? I have put them on hiatus while applying for my loan. I mean I am not going to be racking up charges but I do have a few thing I would like to purchase for my new home..

Re: online loans?

DallasLoanGuy — Tue, 06 May 2008 17:37:40 GMT

ahh... the million dollar question.

LOL

well.... i really cant answer that one for you. only your loan officer should guide you on that....

i will say, that when i have my clients thru underwriting..... i let them do whatever they need to do. because i know we arent pulling a final report.

when do you close?

commitment usually only happens a few days before closing

Re: online loans?

Anonymous — Tue, 06 May 2008 17:54:49 GMT

OK now this is starting to confuse me!! We haven't found a home as of yet. We are moving from Chicago to Nashville. We are flying down on th 16th of May to pick out a home. I am almost certain we will find one that day and put an offer if the following week. If the offer goes through we are looking to close late June early july. If it helps at all the commitment letter was for credit approval only and was for a $120,000 conventional loan at a simple 6% with 20% down so we are looking in the 150's range. The only conditions were the approval of the property and a letter from my employer saying that my move will not affect my current position or salary. If it helps you at all we are being financed through wells fargo.. Thanks!!

Re: online loans?

Anonymous — Tue, 06 May 2008 21:31:25 GMT

plechma wrote:

I agree with ya Dallas.. We have been pre-approved, & gotten a commitment letter all without ever leaving our house.. It's kind of amazing how the world has gotten, Being able to do business like this without ever having to meet face to If you could Dallas could you tell me what the difference between the Pre-approval and a commitment letter? This is our first home and just wondering what the diffference is thanks!!

Yup, I got a mortgage, refi-ed it twice, and have never met my mortgage broker face to face. And his office is not far!

Re: online loans?

DallasLoanGuy — Tue, 06 May 2008 21:47:11 GMT

plechma wrote:
OK now this is starting to confuse me!! We haven't found a home as of yet. We are moving from Chicago to Nashville. We are flying down on th 16th of May to pick out a home. I am almost certain we will find one that day and put an offer if the following week. If the offer goes through we are looking to close late June early july. If it helps at all the commitment letter was for credit approval only and was for a $120,000 conventional loan at a simple 6% with 20% down so we are looking in the 150's range. The only conditions were the approval of the property and a letter from my employer saying that my move will not affect my current position or salary. If it helps you at all we are being financed through wells fargo.. Thanks!!

sounds like ytou have been preapproved.

that piece of paper is only as good as the loan officer who issued it.... but i am sure the wells loan officer ran you thru automated to get that.

but i wouldnt worry about it. i have issued letters like that before. all sounds good.

Re: online loans?

DallasLoanGuy — Tue, 06 May 2008 21:49:07 GMT

btw....

that is a 'conditional commitment to lend' or 'conditional commitment letter' or 'conditional approval'

some people call them by the wrong names.

Re: online loans?

Anonymous — Tue, 06 May 2008 21:57:09 GMT

Thank for easing some of my concern Dallas. This is why I love this board!!!