New Mortgage question...

[Disneylover79]

DF and I are looking into getting pre-approved in order to buy a house. We are both members of a credit union, so that is the only place we are thinking about going to look for pre-approval. But is there any other place that would be giving out a better rate or that is easier to get pre-approved?

 

[seashoreCM]

Still, shop around.

There is a mortgage company called Network Capital Funding (sorry, don't know the phone number or web site or whether they serve all states; use Google). They have been running a promotion these last few weeks, things like 4-1/4 percent fixed 30 year.

Always get a Good Faith Estimate; any reputable bank or credit union or mortgage company won't mind if you share that with other companies you want to shop around for. Things like Loan Workout or Closing Cost Worksheet are not reliable documents.

If you are not absolutely positively sure of what you are doing, have an attorney who knows real estate guide you before you sign any papers or offers.

 

[Disfamoffour]

Check out the local banks in your area. The smaller ones typically have better rates than the large national banks. Credit unions don;t always have the best rates. I've worked for banks and credit unions if you have any questions feel free to PM me.

 

[Carol NJMB]

DF and I are looking into getting pre-approved in order to buy a house. We are both members of a credit union, so that is the only place we are thinking about going to look for pre-approval. But is there any other place that would be giving out a better rate or that is easier to get pre-approved?

If you qualify for the mortgage, then shop around. There is never any guarantee that any bank, mortgage company, credit union, etc., will have the best rate at any given time. You will only know the answer after you shop and see.

There's no need to limit yourself by shutting out options.

Make sure you shop rates on the same day !!

 

[jgates]

Not sure if you can totally pre-approve on secondary market loans, but the 15 to 30 year rates are now seriously the lowest they have been. Your lender should be able to work with you & figure out what you will need to get approved & what price range you should be looking in. We refi'd 15 years at 3.875 & they went even lower than that after we did it!

If your institution doesn't offer the Federal Home Loan Bank secondary market type - check around.

 

[ACS228]

If you decide to go with the credit union, make sure that they will be giving you the mortgage. Our credit union ended up just acting as a broker and got us a mortgage through a larger mortgage company. We did get a really great rate but I was a bit annoyed because I could have just done it myself without a broker but we were in a time crunch due to relocation so we just went with it.