If you are in vancouver I can help you. I work with lots of lender and will find the right lender that will give you a loan. Email me at: lindatruong@live.ca

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My current lender said that i was "pre-approved" for $160k home loan if my car loan was paid off. well it's not paid off yet and i already found the house i want to buy and my offer was accepted. my current lender is giving me a hard time and isn't being very nice. i called another lender and they said i'm good for the $160k loan even with my current debt. are these pre-approval worth anything? i only have $5600 in debt and my credit is excellent. can i ditch my current lender even if her name was on the original offer for the house?

First of all, the first lender said pre-approved "IF" your car loan is paid off... so why you went ahead is puzzling me. The lenders make the rules, and if you don't follow them, they don't have to give anything... it's THEIR money. I would go with the other lender if they have already "pre-approved" you. The house Owner is not going to care what lender you use to pay them, as long as they get paid what you already offered... and in today's housing market, the owner might not mind waiting a couple more days while you work out a deal with a lender that you feel is treating you better. Good luck!

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I'm planning to pre-qualify first with several lenders, pick the best lender & get pre-approved, and then start my house hunt. is it possible (if i pick a lender based mostly on interest rates) that when i go back to them for the pre-approval, their rate will be much different, if at all? i realize the rates change daily, but if you're pre-qualified, does that rate hold until you get pre-approved? i don't want to pre-approve right away because i want to shop around without my credit history going down the tubes. thanks in advance.

You can not lock a rate until you have a contract. And just so you know, you can shop as many mortgage lenders as you choose, as long as all inquiries are made within a 14 day window of the first credit pull. Additionally, unless you are planning to stay in the home for more than 5-6 years, it is not worth it to pay points to buy down the rate. Think about it. If your loan is $200k, it would cost you $2k for one point, which only brings the rate down by about .25%. Let's say you get offered a 5.5% rate on the $200k loan. Your P&I would be $1135. If you paid $2k to bring the rate down to 5.25% your payment would be $1105. You save $30 per month. It will take you 66 months to recover the cost to buy down the rate before you save a penny. I suggest you find a good, trustworthy loan officer, recommended by friends and family. Good luck shopping.

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Is there anything that i can do to get the loan that i was originally approved for? there was no change in my credit or status and the pre-approval was good for 90 days. the explaination was that fha changed their regulations and now i can't get the loan that he had me qualified for.

I work with credit. Just because you get a letter saying you are pre approved, doesn't make it so. Think about it. Banks and other businesses blanket enormous amount of people and businesses, giving them the opportunity to get a loan or a credit card etc. They have to look at the individual credit history. Let me ask you this: how is your income to credit ratio? For example: you make $100,000/yr but you have $75,000 in credit. (you might not even be using all that credit, but you have it in credit cards or loans) That right there is too high for alot of companies to allow you a loan. The best thing for you to do are two things: 1) check your credit and find out what your score is. 2) call the lender up and ask why you can't get a loan through them. They must tell you why they won't. 3) if you have a bank you deal with or credit union--ask them for a loan or at least get information. You can't get too much information on that. I would go to at least 3-4 sources and see which loan is best suited for you. Best wishes, CathyH

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We are first time home buyers and before we start looking for a house, we made sure that we are already pre approved. can a bank cancel their pre approval even if there are no changes in your credit worthiness and application details when you applied for the loan? what are the common reason? do we have to do another appraisal if we change lender?

Yes. A lender can deny the loan right up to the day of funding. But it is rare unless your financial circumstances change.

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When we got our home loan approved and in contract on our home we signed something saying we could have a 100$ down payment with an fha loan. we had a score of 617(620 is the new minimum score for fha loans unless you have extra help from a lender) then and now i believe were probably over 620 if not higher. we locked into our interest rate, i wonder if we can still check to see if we qualify for that 100$ down or if we would be screwed now since were locked in and have to pay the 3.5% down instead. my lender's business day is over so i can't ask until tomorrow, but i would like to see what chance we have. thanks anyone who can help! how so would it depend on my lender? what questions would i need to ask him? is it possible to have it changed after locking in?

The $100 down program is for HUD repos so I assume that is what you are buying, if you now meet the criteria for that you may always change programs prior to closing. Speak with your loan officer and explain what you want to do. Note that if you are not buying a HUD repo the $100 down is not available.

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My friend was pre- approved for a fha loan around 6 months ago just found a home and was told the guidelines have recently change and she no longer qualifies. my husband and i was also pre-approve for a fha loan using a different lender do you think this would effect use to? i know are credit is better then the's, are credit score is around 695 that's for both of us.(my husband and i) i thought fha was giving a higher loan amount.

Debbie don't panic yet. It could have been something else that disqualified them. Yes all the bank requirements have changed and are continuing to change. For some change is daily. But I'm sure your lender will let you know if anything is possible. You should be fine. Hey, thanks for being in the market and buying a home! It really helps our economy!

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My lender basically told me that we have to raise our credit score 4 points and then come back. does that mean that we will definately be approved or not?? she got all of my info already and she said that is the only thing that needs to be changed

old trick--seek from the USDA a CONDITIONAL LETTER OF APPROVAL; YOU GET THE score raised, they make the loan!

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We were pre-approved for an fha loan, and were supposed to close on june 1st. today the bank told us they changed the minimum credit ratings from 580 to 620 april 6th, after we were approved. we are 4 points short now. they say there is nothing we can do and no other lender will give us a loan. anyone have any suggestions?? will going in and talking to the "boss" help us? she was willing to meet with us... a bank... would a broker be better?

You still have a couple of options. There are things that can be done to increase your scores in a short period of time. There are also a couple of lenders left that will fund FHA loans under a 620 score but they are wholesale lenders which means they only work with mortgage bankers/brokers and not the public. Edit: The manager can not control the underwriting guidelines. Are you working with a broker or a bank? Edit: When you work with a bank it's like going to McDonald's, you get what they have on their menu at their price. As broker I have access to 40+ different lenders.

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We are in california and our purchase agreement states, "the loan contingency shall remain in effect until the loans are funded". we are thinking of backing out. would we get our good faith deposit back? the bank approved us for the loan, but the loan officer said that he made a mistake and "locked" us in for a conforming loan amount, whereas, we needed a jumbo loan. we suspect foul play, and don't think he knows about our loan congingency..

He can get an exception from his sales manager and have it taken out of his own commission. So his story about "I can't do anything about it" is hogwash. Companies don't lose customers for things like that, they make the LO pay for it. The good faith deposit may or may not be refundable. Most sales contracts have a range of an interest rate and type of loan that you are seeking. If you exceed that interest rate or if the loan type is inferior, you have legal grounds to cancel the transaction. However, if this was omitted from your contract, you are bound.