Buying A Home
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Pre-qualification questions

Hello all,

 We are looking into buying our first home!!!  We would like to be pre-qualified but we are unsure which banks are good/bad for this process.  I do realize that once pre-qualified that you are likely to use that bank for the loan etc.  Any suggestions/advice would be appreciated.

 

Thanks!!!

Re: Pre-qualification questions

  • You do NOT have to use the same bank for pre qualification and the actual mortgage financing of a purchase.  The prequal just shows the buyers that you can meet lending standards and are not wasting the realtor's nor their time.

    Go for the best deal when you get your mortgage.

     

  • You don't have to use the same bank that pre-qualifies you for your mortgage.  When you get prequalified, there's no obligation.   Once you put an offer in and it's accepted, you will want to shop around for the best rate that you can get.
  • imageMrsPM:
    You don't have to use the same bank that pre-qualifies you for your mortgage.  When you get prequalified, there's no obligation.   Once you put an offer in and it's accepted, you will want to shop around for the best rate that you can get.

    Ditto this.  We did end up using the same bank because they had low fees and rates but we did shop around before we committed.  Are you talking about preapproval or prequalification?  If you are thinking of putting in an offer you will need a letter of preapproval more than likely versus prequalification.  Preapproval takes into account all your obligations, assets, and income and is much stronger when you put in an offer.

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  • We went to our local bank for pre-qual, and then shopped around once we had a house.
    imageimageimage
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