Pre approval through a bank or teachers union?

I am a teacher in Long Island and belong to a teachers union. We are just starting the house hunting experience. Is it better to get preapproval through a bank or teachers union? I have already gotten pre qualifed through the union. Pros and cons appreciated . If a bank which one is the best? I really appreciate this I am so naive in thsi whole thing.

Re: Pre approval through a bank or teachers union?

my Dad always went thru the teachers federal credit union- he compared the fees and they were much lower then even my DH could give him at the time

Re: Pre approval through a bank or teachers union?

I would get a pre approval instead of a pre qual.

Credit Unions usually have lower rates than banks, so if you belong to Teachers FCU i would go through them.

Re: Pre approval through a bank or teachers union?

It doesn't matter where you get your pre-approval. Pre-approval from any bank or credit union will hold the same weight.

Re: Pre approval through a bank or teachers union?

This is probably a stupid question but how long does a pre approval last? If we get pre approved now but don't find anything until say next year or something is it still ok?

Re: Pre approval through a bank or teachers union?

depends on the interest rates.

If interest rates go up from now until then, your affordability will probably go down. (hopefully along with prices)

I am starting to look now, but most likely we will buy in the winter. I havent been asked for a pre approval letter yet, but I work in a bank so i can get it fast.

Re: Pre approval through a bank or teachers union?

Pre-approvals can be good up to 60-90 days I believe. Your credit changes and your income can change.

Re: Pre approval through a bank or teachers union?

credit unions have better rates, but they are much more conservative in the amount that they lend out.

Re: Pre approval through a bank or teachers union?

We got our pre-approval and mortgage through TFCU.

The pre-approval lasts for 3 months.