topic Who should I apply with? in Mortgage Loans

Who should I apply with?

Bravo7Dash2 — Sat, 06 May 2023 23:00:49 GMT

Looking to start the home buying process and wondering who should I apply with for a mortgage. I was thinking of applying with the inhouse lenders for the communities we're looking at as well as a broker, a big bank, and either Rocket or Better. Is that overkill?

My wife won't be on the loan, so I'm looking at a conventional as her credit would be a hindrance on a FHA. Still looking to only put down 3-10% on a home not exceeding $225k, if I can even qualify for that much. Was thinking of applying with a mortgage broker first and foremost.

Re: Who should I apply with?

ShanetheMortgageMan — Mon, 08 May 2023 06:04:03 GMT

Are you working with a real estate agent yet? I'd ask them what they think of offers being made with Rocket or other "online lenders". They aren't necessarily bad lenders, but in many markets around the U.S. sellers have been known to be reluctant accepting offers from buyers using those lenders due to communication and timing issues. In your market it may not matter though. There isn't a standard amount of loan officers you should speak with, you'll probably end up talking to a few brokers and lenders before settling on one that you feel comfortable with, works with your schedule, and can qualify you for the amount needed.

Re: Who should I apply with?

executiveassist — Wed, 10 May 2023 15:13:47 GMT

What State are you in? I just closed my home loan with a local broker but I had a pre-approval with Chase the process was very easy. Navy Federals process took a long time but if you are a veteran they are good. I like Service First and First Rate mortgage if you're in Texas I can share the lenders names. They went over homebuyer assistance options too.

Re: Who should I apply with?

BungalowMo — Mon, 15 May 2023 15:29:39 GMT

FWIW:

Although I currently have a home I'm selling in the late summer in Virginia, then buying up in Michigan, I am using a mortgage broker. They look at ALL lenders & use the best one for you. This is better than blindly apping with several & not knowing if you're approved, the conditions of the loan, or the APR.