Hello Jing, it would be best if you could approach a few different banks and see which one has the best rate for you. Getting a pre-approval is important to make sure the bank has reviewed your info and they are happy with what they see. There is no need for multiple pre-approvals as they will all pull your credit bureau and ask for your info each time. Please let me know what rate you are getting right now and I will check with my lenders if there is a better rate available. I can then get you a pre-approval from that lender to go along with the one you have now. It never hurts to shop around but dont let multiple lenders pull multiple credit bureaus, it could lower your score. I am available at any time to discuss this further Jing, give me a call. If any reader would like to discuss rates and pre-approvals please do not hesitate to call as well. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 http://www.centum.ca/abraham_niyazi/ I deal with 25 Banks/Lenders and can do mortgages across Canada except Quebec." 01:20pm Feb 8, 2011

You should only get one pre approval but use your mortgage agent to do it so he can shop for the best rate using multiple lenders. You might want to get a pre approval at your home branch for a backup but its not necessary if you deal with a good mortgage agent.

Powered by

I have a 650 score and very low debt ratio. the property i am buying is strictly a conventional loan property. any suggestions?

"less strignent" is what got our economy into this mess. You have bad credit, which is not that way by accident. You need to find another property or improve your credit first.

Powered by

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.

Powered by

A large bank has changed my loan number and transfered the account to a subsidiary. can this be done without my approval? thanks, helped that me...

Yes. In fact, it's standard practice at most banks to sell at least some of their loans. Banks are required by law to maintain a certain amount of liquidity and if they find themselves in a problem, the quickest way out is sell off some of their loans. Banks also often sell any loans that they deem as "high risk." The only way to prevent this from happening is to negotiate a specific clause in your mortgage that prevents them from selling it . Regardless of who's letter head shows up on the letters, the terms of the loan can't change without your permission. Keep making your payments and you won't have a problem.

Powered by

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

Powered by

We went through the the process of providing credit, bank assets, etc to document income & debts. it came back as pre approved through the computer. i should feel relieved, but i just want to know what are the chances it will go on to be approved?

As a former underwriter, when you get the "conditions" list from your loan officer, if you can meet every condition on that list, with exactly what the underwriter is asking, you will get your loan. If you are providing "alternative" documentation, the underwriter has the right to modify and/or add conditions.

Powered by

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!

Powered by

My husband and i have applied for a construction loan and in a year we are rolling it into a mortgage. he already has a previous mortgage. the bank needs to have collateral for both the construction loan $ + previous mortgage amount $ = total mortgage. the bank is only considering appraisal value of land and new house for collateral. we got turned down because the appraisal value is so low due to housing market slump. the bank will only approve us 80% of appraisal value. is this true for all banks/mortgage approvals? can they use anything else for collateral? so discouraged :( thank you for all your input! just to clarify, the bank said our credit was excellent. the only thing holding us back was our land and new house did not appraise high enough. maybe if we could increase the appriased value somehow? thank you for all your positive and helpful suggestions.

I would suggest you try another bank and make sure you have a recent credit report that shows your scores from all three credit bureaus. The last thing you want is too many inquiries on your report. If the bank you went to did their own appraisal try to get one from an independent appraiser who is familiar with this kind of property. If worst comes to worst ask a relative who owns property and has good credit to go on the mortgage also.

Powered by

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.

Powered by

I tried to do an online mortgage approval through td bank (previously commerce) and got this message halfway through: "you requested a loan amount of $175,000.00. based on the information you provided, the maximum loan amount allowed for the property you indicated is $168,850.00." what does this mean? that the house isnt worth 175k?

It means that you will need the FHA required 3.5% down. Take $175,000.00 x 96.5% and you get $168,875.00 so this is just indicating that the maximum loan amount available is based on the FHA loan program which requires 3.5% down.

Powered by

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.