Buying A Home
Dear Community,
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.
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.
Silly pre-approval questions
(My DH and I are hoping to buy our first place and I am totally overwhelmed already. I am so glad to have found this board!)
Our realtor suggested somebody to call to get pre-approved. My DH assumed we would talk to our bank. Does it matter who we get pre-approved from? We can always go with somebody else for the loan, correct? Would you go with the person your realtor suggested, or your own bank (who you don't really have a personal connection to)? Thanks!
Re: Silly pre-approval questions
It doesn't matter who you get preapproved with. Once you find a house, put in an offer and it's accepted, then you can shop around and compare rates. I would go with whoever it's easiest to email/ meet with to get preapproved.
Do you know anyone who has recently bought a house? If you have a lot of questions I would ask around for mortgage recommendations. I had an excellent mortgage consultant at one of the big banks and have recommended him to everyone I know. He was so helpful and answered all my questions and compared the different loan types and scenarios with me.
We originally got pre-approved by Wells Fargo (our bank). We ended up in a multiple offer situation where the agent did not like Wells Fargo and instead preferred a local company. We got an additional pre approval from the other company.
I didn't understand it then, but I do now. There are some companies that are preferred because agents know them and know that they can push deals through in a timely manner. Our offers (there were three -- all in multiple offer situations) were viewed more favorably because of the mortgage company we were using.
We're also getting better service and better rates from the local company. It might be worth asking your agent which companies are most respected if you're in a competitive market.
I would go with who your realtor wants, at least for the pre-approval. You can then go with whoever has the best rates after you're offer is accepted, you don't HAVE to go with who gave you the pre-approval.
We went with our bank to get our pre-approval and submitted it with the offer. We found out, after we had a rough closing, that the seller almost didn't accept our offer initially because our mortgage loan officer doesn't exactly have the best reputation for getting closings done. Our REA had to convince the seller that we would be ontop of things during the entire process to make the sellers feel comfortable with our chance of closing.
I wish our REA would have said something earlier on in the process when we told him who we had our pre-approval from if it is known to be that big of an issue around here.
It's a dog's life!
Edited by moderator.