Appointment for pre-approval for a mortgage, and should you tell your agent how much you're preapproved for?

Question

Hello,
My fiancee and I need to get pre-approved for a mortgage so we can start looking inside of homes. Our agent will not show us any properties until we are pre-approved. Do you usually have to make an appt for the pre-approval? How far ahead of time do you have to call? Do you just choose anyone for the pre-approval and then shop around when you actually need to process the loan? We would ideally like to get this completed ASAP. Also, once you're pre-approved, should you tell your agent how much you're pre-approved for? We are definitely not planning on purchasing a home for how much they would give us a loan for. Just a modest starter home so we are not completely strapped for cash.

Answer 1

That's all your personal info, don't share it with anyone. Pre approvals are good because it lets the buyer know you are qualified and serious about buying. It also gives you a good edge when bidding on a property, it's almost the same as having cash. You should tell your agent what price range you are looking for, not the dollar amount you are preapproved for.

Also,
I would find a new agent, they shouldn't refuse you for not having a preapproval, although it will eventually be necessary. And do as much research as you can about buying your first house, knowledge is power. Know what you can afford then shop for a loan. It's about as important as buying the right house.

Lastly, don't give your personal information to internet sales people, go to a reputable lending institution and talk face to face with someone. They will answer all your questions and help you find the right loan for you.
Good Luck

Answer 2

First of all, you should have a ballpark figure of what you are looking for without the pre approval. Getting a pre-approval (not to be confused with prequalification) is like applying for the loan so you need to shop for a lender that you feel will give you the best deal.

Unless there is something you are not saying, I would tell your RE agent to take a hike and find another-there are plenty of them out there. Why would they not show you a house??

Answer 3

I would be looking at alot of different agents. I would say to him if you wont show me your houses I will go to all of the other agents in the area. Definately don't let him know what you have been pre approved for. Remember that he is acting in the best interest of the seller. Although if I was selling a home through him I would be very irritated that potential buyers were not being shown through because of his laziness. I am in Australia, so this applies to us here

Answer 4

You can generally get pre-approved on the spot at your bank w/out an appointment. For me, I went into my bank. They pulled a tri-merged mortgage credit report and pre-approved me right there. They then faxed my realtor a committment letter -- not the same one they mailed to me at my house -- but a quick form (or short form) which is what the banks (at least in my area) are using. My realtor did not aske for that (though she is a family friend), but it did come in handy when I made an offer to the seller -- it gives your offer a little more umph because they know that you're already approved. And no, I would not tell your realtor how much you're approved for -- he/she will always be showing you houses at that price point. Thell your realtor how much you want to spend (not what you are approved for).

I would ude the lender who approves you -- minimize the credit inquiries.

Answer 5

Yes, of course you should share this information with your real estate agent. How else is this person to know in which price range to show you houses? Or do you expect this person to show you forty different houses, only to find out later that you are approved for NOTHING?

The agent is perfectly in line for asking for such a pre-approval letter. As an agent in the business, I cannot tell you how many agents I have seen beating the pavement for a customer, only to discover later that it is all for naught.

Answer 6

NOOOOOOOOOOOOOO
foxtons make u take their own brokers so that they can find out how much u can go up, so when neogationting they know what u can strech it up to: if an agent thinks that u can go up he will make the vendor go down.
its like when u got a fish on the line, u slowly pull it in or give in a lil if its abit fat:
so fish be ware:

give me best ans asewell

if your lookin in east london give me a mail