Im trying to get a home loan. I was pre-approved by 5 different places. A couple weeks later I found my dream house. Now when it comes time to actually get my mortgage the guy at weichert financial tells me he's not sure if its gonna happen. Can I start looking at another company to get me financed. He said that if he cant do it than no one can, but I dont believe that. I know that are credit sucks but we make decent money and have no debt. So will it mess anything up if I start looking elsewhere. Im not looking for another pre-appoval. Im looking for a loan.
2007-08-22 08:40:24 · 7 answers · asked by formula11e2000 2 in Business & Finance ➔ Renting & Real Estate
PLease dont tell me to call you to get a loan. I want a company with an office right near me.
2007-08-22 08:41:10 · update #1
Mazziatplay--- I really just asked if 2 different companies can search for a loan at the same time. I have been working on my credit for over a year since I was hurt on the job and had to take a leave. Now that all of our debt including doctor bills have been paid we are trying to raise our score. In the meantime our landlord is selling our place and we have to leave. This is the reason why we are looking to buy a little sooner that we should. So before you tell someone to WAKE UP maybe you could be considerate of someones feeling. I am not fully aware of the mortgage laws. I do as much research as I can but unfortunatly there are a bunch of lenders that get peoples hopes up just to make a sale.
2007-08-22 09:09:38 · update #2
Absolutely you can, and should, contact several different lenders to compare products. Once you have a copy of a written pre-approval and a good faith estimate you'll have a better idea of what your options are. If they flake out like this lender did or change the loan considerably before your closing then you should contact some of the other 5 places and see if they can still offer you their loans.
Professional courtesy is to only move forward with one company at a time. Simply put if you have no intention of taking the loan with the terms that I offered you in the first place, you're wasting both of our time. If you waste my time, I don't get paid and nobody likes that. If you've had problems getting companies to honor their pre-approvals disclose this upfront to the other companies and have them get you a full approval before you pay any application fees/appraisal fees/any fees. This shouldn't be a problem for most lenders or brokers to do.
2007-08-22 11:23:22 · answer #1 · answered by matzael 3 · 1⤊ 0⤋
Most companies will pre-approve you for free, although some will charge for a credit report ($15-$20). It doesn't hurt to get pre-approved by several lenders, but since you've already been pre-approved by 5 different companies, I'm not sure exactly what you're asking.
Once you have been pre-approved, I would not recommend moving forward on the loan with more than one company, as there are expenses involved (appraisal fees, title abstracting fees, etc). So, once you decide on a mortgage company, stick with them, unless they deny your loan.
2007-08-22 09:02:16 · answer #2 · answered by Mr. Knowitall 3 · 0⤊ 1⤋
Wake up!!!!!
The times they are a changin. If you have bad credit you're gonna have a hard, if not impossible, time finding financing. In the last few weeks lenders have tightened loan guidelines like the shoelaces on a pair of Nikes. Default rates and foreclosures are skyrocketing. They only want to loan to those whose track record reflects excellent debt management and who honor their financial obligations like responsible adults.
Beggars can't afford to be choosers. Of course you can apply to as many lenders as you like but if you do don't expect any of those loan officers to go out of their way to help you find the best deal (if there is one). The only thing they are going to care about is making as much on your loan as they can because only the sharks will assure you they can "get you the best rate" if your credit "sucks".
You'd have been better off establishing a strong relationship with one good lender from the get go so you'd know if you were getting shined on or if you were working with someone you could trust. Why should anyone trust you to be loyal to what is going to be a considerable effort to help you find financing in a challenging market when your multiple pre-approvals suggest you'd jump ship at the drop of a hat if someone waived a eighth of a point in rate better under your nose regardless of whether or not it was the right loan for you.
2007-08-22 08:57:58 · answer #3 · answered by mazziatplay 5 · 1⤊ 2⤋
You can apply a second place while the first guy is still working on it.
The mortgage market has taken severe hits over the last couple months, so even if you were preapproved, it's very possible that the rules have changed in the interim and you wouldn't be approved now.
Good luck.
2007-08-22 09:12:19 · answer #4 · answered by Judy 7 · 0⤊ 1⤋
You can do it, but basicallly you're telling both lending professionals that your a total scumbag and don't trust anyone...especially yourself. Do your homework, empower yourself with education and choose. People in the mortgage business take a lot of time with each borrower working to find the best home loan for them with the best rate and fees.
Go into this as an educated consumer and ask all the questions you need to make yourself comfortable. Don't lie to everyone and tell them you're doing a loan when you're just going to dump them in the end...would you want that to happen to you???
2007-08-22 09:01:50 · answer #5 · answered by Anonymous · 2⤊ 1⤋
Sure there is no reason you can't go with another company. But keep in mind, most require an origination fee and it's generally non refundable.
2007-08-22 08:51:02 · answer #6 · answered by Alterfemego 7 · 0⤊ 3⤋
Isn't it a good thing if mortgage companies fight for you? I would see what happens before you go looking for disappointment. Good luck!!
2007-08-22 08:48:09 · answer #7 · answered by devon 5 · 0⤊ 2⤋