Buying A Home
kimberlygo
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Shopping for a Mortgage
We made an offer on a condo and it was accepted! Today we're signing the contract. Now its time to find a loan. We've been moving pretty fast in the house hunting process, so we didn't have time to get preapproved before finding our place. We did, however, get prequalified through a mortgage broker our real estate agent uses. The management company at the condo uses wells fargo as their preferred lender and suggested we talk to them about what they can offer. Their offer was way better than the original mortgage broker's. My realtor asked that I go back to the mortgage broker as a courtesy since we talked to him first and ask if he can do better. How much time do I have to shop for a mortgage realistically? I'd like to speed this process up as much as possible as I need to give my landlord notice that I' leaving and close before the lease on my apartment ends.
Re: Shopping for a Mortgage
Make an effort to shop around for the best deal. You're not buying a couch. You're making a 30 year (presumably) commitment.
I would take the Wells Fargo GFE back to the broker, and see if they can do any better. Often times, for new purchases or condos, the preferred lender is able to provide additional benefits ($ towards closing, upgrades for build, etc), because of the amount of business they expect to get from all of the sales. I would guess that's the case here, so that might be your best bet. However, it is well worth some research time to make sure you are getting the best deal you can.