Where to Start?

Anonymous — Fri, 09 Oct 2020 19:54:46 GMT

Hi everyone! I'm new here, and I'm trying to get an idea of where I should start the process for looking for a mortgage. My husband and I have good credit, the low mid mortgage score between us is currently 752. We are working to get above 760, but either way I don't think that should be a disqualifying factor anywhere and would only impact the interest rate we could expect. We make around ~$150K per year, so low income options are not available to us, I don't think anyway. We do not have a large amount of money saved up for a down payment, but will have the required 3.5%, plus funds set aside for closing with money left for reserves/savings. We are looking for a house around $400,000. So, my basic question is, where is a good place to start looking for a mortgage? Do we start with our credit union where we have our bank accounts? Or with a lender from one of our credit cards? We have Chase, CitiBank and Bank of America credit cards. Or is there a good national mortgage company we should look at? Do we need a mortgage broker, or is that just an added expense that isn't really necessary? Thanks!

Re: Where to Start?

homeloanexpert — Sun, 11 Oct 2020 14:12:47 GMT

@Anonymous

Hello,

Given your scenario you shouldn't have any problem getting pre-approved for a home loan. In fact, given you parameters, there are multiple programs available to you. Most homebuyers get referred to a lender by way of a family member, friend, coworker or by their Realtor. Either way, hopefully you find find someone who is experienced and has a proven track record. Part of the vetting process should be asking your lender or loan officer about their turn times. Our industry is overwhelmed right now. Most of us Lenders are running at or above capacity. My turn times were 30 days are now taking 40 days due to the high volume of purchases and especially refinances. But the real culprit are the Appraisers.

Holy Mole! They are the ones who are slowing us down. Depending on the area you live in, Appraisers that were taking 5-7 days are now taking weeks, some as much as a month. I received a phone call from her frantic homebuyer this weekend, and she told me she's been in escrow 70 days. I asked her what the holdup was? She said her bank told her they really super busy. Generally speaking, everybody's pretty competitive with regards to rate and fees. But customer service is priceless, being able to get a hold of your LO on a weekend or after hours can be crucial. BTW, there are some really good LO’s on this site. You might want to explore that path.

Best wishes to you!

topic Where to Start? in Mortgage Loans

Where to Start?

Re: Where to Start?