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.

You can but there is no point. It is bet to hire a mortgage broker who will search all lenders to find you the best mortgage rate. The broker will search through all the lenders using a mortgage broker software and see who gives the best rate. Then you can take this offer to your home branch and see if they can beat it. This is the best way to obtain the lowest mortgage rate.

Every time the bank will request your credit information, your score will drop. So you have to be careful how many times you should do it. You don`t want to have to many requests to the Credit Bureau.

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I pulled my hub's and my credit reports and scores today and we're both in what the website considers the "excellent range" (meaning, between 750-850). we just sold our condo, so now we're in the process of either finding a house or possibly building one. my questions are... 1- how will this credit score impact our abilities to buy/build a house? 2- if we get a pre-approval letter, do we give the bank an amount we're thinking about or does the bank just tell us what the maximum amount they'll lend to us is? 3- how long does the pre-approval letter last? 3 months? 6 months? 4- will the pre-approval letter work for building a house? or, is the process different? thanks and any advice is appreciated!

1) No, pulling your own report is called a soft inquiry and doesn't count. 2) Lender will give you the max they will provide a mortgage for. It may be more or less than you want to spend. 3) Depends on the bank - in any case, a pre-approval is only an estimate and the mortgage still has to go through the application process when you find a house. The underwriter makes the final decision. 4) Different process - you will need a construction loan to build your own (which you turn into a mortgage when you get the occupancy permit and close). Unless, of course, you can find a builder who will build the house "on spec" and deliver the final product to you (hard to do nowadays with tight lending and cash flows).

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I got a pre-approval from the broker at the bank over 4 months ago. i was just going in to see what i needed to do to build my credit and boom he tells me he can get me the loan i need. he told me to go out and look for a house. well we found the one we wanted and started everything. he wanted to do non-traditional credit b/c i didn't have any. well he told us to get the inspection and the appraisal done. so we did. we were to close in 2 weeks and he called me and told me i had been denied. has anyone had this happen to them? i am out 900 dollars and i am very upset. then again being young this is a life lesson learned!! i have the letter.. actually i have 2 pre- approval letters from him. why would he try to "pull a fast one" on me? what does he get out of it? i want my 900 dollars back for being miss led!! errgggg... makes me soo mad! no to k.r no contingency on it and yes it was a fha loan.. but we didn't go out and buy anything. and our credit didnt change in anyway.. so i think he was just stupid and didn't know what he was doing!

Your loan officer clearly did not "pull a fast one" since they get zero compensation unless you close and it is not good for business to get a reputation for not being able to close your pre-approved clients. I have known of too many loan officers that give out pre-approvals too easily and it is entirely possible he was negligent in leading you to spend your money on a transaction that you were not sure to be approved, but there is another possibility. Lenders have been tightening their requirements for the last two years and they typically give very little if any advance notice when they do. Only one of the lenders I have available will approve non-traditional credit and if they decide tomorrow to join the rest of the crowd I could be in the same situation. Your first step should be to establish some credit to make it easier to get approved. Keep your balances as low as possible because borrowing more does not improve your score. Making timely payments does. You should also contact your lender about refunding all or part of your appraisal and inspection fee. Use an attorney if you have to. If he has half a brain he will work with you on this in hopes of getting your business when you successfully buy a home. Good luck!

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Hi friends, i booked flat from annai builders (anakaputhur 6.2 lack) 4 months back. they have committed to handover house by jan 2011 verbally. after this project they have marketed tambaram 8 lacks, killkattalai 9.8 lack etc., but no building work has started any where as per my knowledge. i paid 15 percent cash and i m in process of bank loan when tried at ingvysia they rejected loan because annai builders is their block listed party list. now i tried for idbi bank when they given pre approved banker list there is no pre approval recently they have applied. so i m under conclusion to cancel this project and i approached for cancellation, they r saying that they will deduct 20% money from what i paid because i signed agreement . is anybody have same issue are anyone booked their tiruvottiur project can u tell me how thing is doing? how is the quality of the building? is it worthy? otherwise what i have to do for this?. i need solution for this pleeese help me out.....

I Don't know about them, but if you are interested in cancelling and if the project you have booked a flat is not yet commenced as the date of delivery is Jan 2011, you can sue them in Consumer forum to get compensation along with the refund of full advance paid. Ing Vysya bank's rejection of loan 'because annai builders is their block listed party list' is sufficient ground to get damage compensation. Issue a notice through lawyer to that effect, thy may refund in full. If project is commenced and it is on schedule, then try to avail loan elsewhere and make payment.

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Okay... i asked a similar question before but this one is about me.... i want a 80k vehicle (my dream car).... ive been working with my company for a year now, and i just got offered the permanency, making about 60k pre-tax a year.... i pay about 800 a month for my home... and penfed is offering me a 4.99% rate for a vehicle. i have impeccable credit... like seriously impeccable.... never debted, never maxed out.. i have about 17k in savings (in one year!!!) now, im willing to wait to save more if necessary to not pay as much, but ive always been good at sacing money for the things i want, now my question comes as can i afford my dream car? and when can i afford it? how much would i pay and would banks even take two looks at me before sending me out the door? i could have a cosigner.... but i want the independence of not needing my parents for this...now... i am strictly budget minded and have totalled monthly expenses to an avg of 1,200 a month (rent included) any ideas? i have a clean license, if that helps... and this would be my second vehicle (the first one was bought cash)

Like I said the last question the maximum payment is 20% of your monthly income so even at $60,000.00 a year that's only $1,000.00 so if your buying a $80,000.00 car for 60-months at 4.99% you need $27,000.00 down to get to $1,000.00 a month. Good luck.

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I was pre approved back in october for a house and found a house that same month and put an offer on it. my offer was approved after sending the bank an updated pre approval letter on jan 29th and i waited till just now, feb 4th, for the short sale to be approved. here's my question, i am 21 with a 715 fico score and make pretty good money. during the time i was pre approved, i had 5000 for a down payment and some debt besides my car. situations came up so i spent a lot of money and had only 1000 in my acct for awhile until just 2 weeks ago and now i have about 10,000 because of a student loan and taxes. i just recently paid everything off but my car so my debt ratio is really low, maybe 7%. my realtor called and said we have to set up inspection appointments for next week. i signed an addendum saying we are to close escrow feb 18th. what is the likely hood of being declined and when or how will i know if that does happen? if approved, are chances of closing on the 18th good? by the way, the money i have now is 4500 worth of loan and the rest is my income taxes for this year plus my personal paychecks. can i use that?

Golfer is right on this, your income will be an issue. You really should not have spent all your money on paying down your debt since your debt load was pretty light to begin with. To close in just over 2 weeks is a bit tight, I know I could not get it done unless the stars somehow lined up, but it does happen sometimes.

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We live in new jersey and put an offer in on a short sale house a month and a half ago. the sellers accepted our offer within 2 days,we have been waiting for bank of america to respond to our offer. yesterday the realtor called us saying that the bank requested an updated pre approval for the morgage,the realtor went on to say that it sounds good and we should hear something in a few days in regards to them accepting our offer or not. now today our attorney calls us and asks for our social security numbers and birthdays,he went on to say that he believes the bank is just starting to look at our offer and wanted to make sure we still wanted to wait for an answer from the bank. he said we should hear from the bank in 30 to 45 days the earliest. we are a little disappointed that the realtor just told us the complete opposite yesterday,if anyone has any information as to what stage we are in,it would be greatly appreciated. this was a pre approved short sale asking 225.000 and we offered 211,000 including closing costs.

No one here can tell you if the offer is close to being accepted. Some banks act on short sale offers quickly and some take months. If you want to know, have your attorney or realtor call the bank and ask.

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We are trying to buy a house for $50,000. we went to three different banks and each one said that it wounldn't be a problem and then when they start the process, it falls through. we were told that are debt to ratio levels were too high but yet every bank came up with different numbers! the we decided to go with a mortgage company to get a usda loan. three weeks ago we did all of the paperwork and were told we would get an answer in a week. a week later we call back and find out that the guy who we talked to went on vacation and the people in the office didn't know anything about our loan application so we had to do it all over again. finally, last week, we got the paperwork submitted and were told that it takes 4-5 days to get a conditional approval back and to call today. i called today and was told that they haven't heard anything and that the original guy we talked to was back in the office and would call use when he hears something. meanwhile, the lady who has been waiting for 2 months for us to get a loan (she is a family friend) is getting to her breaking point and is tired of waiting as she is getting other offers. i don't know what to do and this whole mess is tearing our family apart because of the stress. how long can it possibly take for us to know if we can get even just a pre-approval?? if something doesn't happen soon, we are going to lose this house and it is the only one in our rural area that is an amount that we can afford. how can we stop getting the run-around everywhere we go? does anyone have any advice? the credit scores across the board are higher then 650, the total monthly debt is $687 and monthly income is $2,500. there hasn't been a fair ratio quoted for us. one was 37%, another 52%, another 41%, and finally we were told 47% at the mortgage company. this company we are working with didn't say anything about us having a bad debt-to-income ratio, they are just not working with us very well and taking a long time to work on this loan.

Some individuals run into all kinds of problems when attempting to get things done, this appears to have happened to you. You should try to find a FHA mortgage broker/lender. Your debt ratio could be as high as 45% in some instances. Speak with a qualified mortgage loan officer. You pretty well know the ropes now, therefore you know what is needed to be approved for a mortgage loan. If there is this much difference in your debt ratio from lender to lender you might would want to check your credit report to see what is being reported. Your debt ratio is based on the debts listed on your credit report plus your new monthly mortgage payment. Normally with a competent mortgage loan officer you would know in approximately 7-10 working days with an approval that might have conditions that would need to be completed. I hope this has been of some benefit to you, good luck. "FIGHT ON"