You can get pre-approvals with different lenders, the problem is it takes time and effort. What you want to do is get an approval with a broker who will shop the deal around for you to all the lenders and get you the best rate. Then you can still look around for a better rate, tell your broker if you find something and see if he can match or beat it.

There i no point to get multiple pre approvals at all. You should hire a mortgage broker to shop for the best rate across all the lenders and then decide who you want to go for. You can then take the pre approval the mortgage broker got you and take it to you home bank branch to see if they can beat the given rate.

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Also, if you don't want them to check your credit score because every time the outsiders check your credit score, your credit score will drop, so i decided to bring a copy of my recent credit score instead...will that work?

Pay check stubs, savings account statements. Rental receipts (if this is your first house) utilities bills if you have them. 2008 Income tax return to verify employment and dependents. You're fico should not go down each time you apply for Mortgage approval. But provide a copy of your Recent credit printout.

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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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My husband and i are first time home buyer's. we didn't kow if it was better or worse to let several banks run pre-approvals. i wasn't sure if it would hurt our credit for a bunch of diffrent people to pull up our history. i want the best rate but i don't want to harm our rating. what is the best route to take when looking for a mortgage?

Why don't you just ask for their rates without having them run your credit history? That's what I do.

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I'm just starting the home-buying process. can/should i get multiple pre-approvals from different banks to see who would offer me the "best deal", or do i have to pick one and stick with it. it seems that they can only talk in general terms (which is understandable) until you start the actual loan process, running a credit score check, etc. however, i know that you don't want to check your score too many times in one time period because that will lower your score. so...how do actually know how to choose the mortgage person/bank to go with? i really appreciate any insights or advice...thanks! :-)

Get 2 or three from reputable banks if you don't qualify for an FHA loan. When you present an offer that has two pre-approvals from reputable banks that will put your offer up a notch in the sellers eyes. Someone who is offering 5k more with one approval from a Country Wide/Bank of America isn't a good buyer. They may get to the closing and have no financing. Be very sure that you can afford the taxes, insurance and maintenance on the home you wish to buy. If you are paying 1000k a month rent that does not mean you can afford the same amount in a mortgage. Just please don't buy beyond your means. My hubby and I just bought a foreclosed home for 100k less than it is appraised for because these people bought more than they could afford. We could not afford this home if it wasn't foreclosed on. It worked out great for us but I feel bad for the family that lost such a great home, even if it was there own mistakes that caused it. They did not have a bad loan. They had multiple loans to afford the place and just couldn't keep up. Good luck!

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Any experienced mortgage professionals out there? i’m new and have a buyer who is just about to close on a home with a 30yr fixed loan. (fha) everything was fine until we requested updated bank statements. there are negative transactions in his account. he says it was a one time occurance. this file was manually underwritten for another issue. do you all think we have to worry about the negative charges to her account if they are not habitual? let me know as i just picked up the statements from him and would like to be prepared for the morning when i submit. or should i just go ahead and set the customer's expectations that he will not be buying a home with us? good credit score, etc, personal funds..no gifts. everything was great before this.

if he had negatives they should've done a VOD and not turned in bank statements. this is really up to the U/W, and the DE U/W can say Yes or No.....there are other factors look at... credit score, loan amount, DTI, if it was gift funds or personal, etc

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I am first time home buyer and all my documents (bank statements for both cd and checking accounts, w2s, pay stubs, etc) are in for underwriting to get mortgage approval. i have received the gift fund for downpayment so i submitted my gift letter as well. i am worry about how deeply underwriters will look into bank statements. i am recent grad but i can afford to pay mortgage with my current salary. the lender asked me for 60 days transaction history for both of my cd and checking accounts which i have provided to them. i was told that underwriters consider looking on my spending patterns in my statement. i am currently living with my parents so i didn't have to pay any rents or utilities. all my pay checks were going toward my car payments, cell phone, credit card payments, and leisure uses. does underwriters will disapprove my loan because i spent so much money on leisure purposes and paying massive payments for credit cards? i don't keep big balance in my checking so i was worried.

They look at your bank accounts to verify that you have enough money and that you don't have many late charges and no overdrafts. I just processed a file for a first time homebuyer and the underwriters have asked for the borrower to write out a letter of explanation on how she will be able to afford the large payments after living w/ her parents. "Payment Shock" was what they called it. I have never heard of an underwriter looking at where you spend your money (ie- spending too much at Gap). As long as you have other assets you should be fine

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Do they have you just fill out a form, and then they run a credit report? do they tell you at this time what your interest rate would be? also, how much does it cost for this process? thanks.

That's easy, go your bank. They'll tell you everything you need to know.

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My wife and i are trying to buy our first home and the mortgage brokers we've talked to have not been able to provide satisfactory answers for the following questions: - how is it that our credit scores are below average? we consistently pay our bills on time and have low debt. is the average american really doing better than us? - why don't mortgage approval departments give more weight to rent payment history? we're unable to qualify for a home with total payments (piti) roughly equal to our current rent payment, which we have paid on time for the past three years. our credit scores are low due to a couple of small (<$100) collection items on accounts we thought were in good standing, which we promptly paid when notified. why do these outweigh the seemingly more relevant rent history? - why do mortgage banks try to minimize foreclosures? since they retain ownership after a foreclosure, how do foreclosures hurt their bottom line?

You have some very valid questions, that to me any mortgage broker should be able to answer for you.. If they cant, THEY MUST NOT BE LICENSED!! a licensed mortgage loan officer would have to answer questions similar to therse in order to pass state licensing tests!! I will help you answer these questions... 1. Paying bills on time and having low debt are definitly good things for your credit.. When having collections though, it hurts you because it tells a lender that you didn't pay a debt you owed, and 'that' lender had to file a dispute to reclaim what was owed.. Unfortunately even if you promptly pay it back, the damage has already been done to your credit being that they had to file a dispute against you... The best i can suggest is dont get anymore collections (which you obviously realize) 2. As for rental payment history, unfortunately this is something that isn't even reported on your credit report..(unless you become delinquent and dont pay rent) The reason is because you are not borrowing any money at an interest rate... To gain or report credit on something you have to pay interest or be borrowing money of some kind.. I know it dosen't seem right, but unfortunately it is just the way lenders and credit bureau's are... 3. and finally, as for foreclosures.. These are minimized by all lenders for one simple reason..When a bank forecloses on a home, they 9 out of 10 times get UNDER 70% return on the value of the home.. Most of the time, they dont even get enough back from the sale of the house then what the borrower owes!!! On top of that they have to pay attorneys to file disputes, they have to pay a processing department to do the processing, and they basically spend a lot of time and money for nothing.. Banks aren't in the business of selling houses... THEY ARE IN THE BUSINESS OF LENDING MONEY TO PEOPLE THAT WILL CONTINIOUSLY PAY PAYMENTS AND INTEREST ON TIME EVERY MONTH!! So obviously if they lose money, they want to minimize foreclosures as much as possible!! It sounds to me you are working with an inadequete mortgage company.. My name is Jason Fry, i am a licensed loan officer for Providential Bancorp (nationwide lender).. I work with a portfolio of investors that work with people from 500 credit scores and bankruptcy's, to people with 800 credit scores, and thousnads in savings. I would be happy to assist you in purchasing a home, and at LEAST be able to efficently answer any question you have about the mortgage industry.. Feel free to call or email me at any time... 312-264-6448, or jasonf@providential.com I wish you the best! Jason Fry Senior Mortgage Specialist Providential Bancorp 312-264-6448

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The seller and myself have agreed on a price. i have now been waiting on the bank approval for almost 6 months. i've been extremely patient but it is running out quick. is there a maximum amount of time the bank can take in providing an answer, yes or no, before the agreement with the mortgage holder and myself is considered void? my main concern is losing my earnest money check if i back out now.

No, there is no maximum amount of time the bank can take in providing an answer. I've heard of situations where it's taken 10 or 11 months, though most are quicker than that. Whether your offer expires depends on whether you put a deadline in your offer. If you did, then you can stick to the deadline. If you didn't put a deadline in your offer, the agreement can stay in effect for virtually forever. However, if the bank hasn't approved the short sale, then there's no ratified contract. In that case, you can cancel. There's no ratified agreement, so you're not backing out of an agreement. You're simply withdrawing an offer that hasn't been accepted. These are questions your Realtor should be able to answer for you. Check with him/her for more details.

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I am looking forwarding to buying a house (first time). the broker said i need to get a pre-approval first. can i just go to any bank and ask for the preapproval or should i be particular about choosing a bank? is there a fee involved? thanks. if it matters, i live in ulster county, ny

I would ask some homeowners in your local area about some local banks and see how their experiences with them were. Big banks like Wells Fargo are always pretty fair and easy to deal with but sometimes local banks are easiest to deal with. You can look on their websites and find out if they give free pre approvals. Having a pre approval from one bank doesn't mean you have to go with them either (although having your credit run by more places won't help your score, although they would be similar marks.)