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itsbabytime
LIF Adult
Member since 11/05 9644 total posts
Name:
Me
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Those looking for homes...
Are you pre-approved? Just wondering how necessary this is. TIA!
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Posted 3/15/10 10:19 AM  |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Those looking for homes...
We are preapproved. It's absolutely a good idea to get preapproved in this market. A few realtors have asked us beforehand if we were. When we bought our house years ago, we also had that letter just to show more intent and commitment than other prospective buyers.
All is takes is a phone call or two, and a fax machine to get that letter.
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| Posted 3/15/10 10:21 AM |
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hmm8191
My loves
Member since 3/06 2908 total posts
Name:
Heather
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Re: Those looking for homes...
Our realtor wouldn't show us anything without a pre-approval letter. It involved a phone call to our broker (we went to the person who does our taxes) and a few very easy questions. It helps to know what you can afford because they'll tell you what your monthly mortgage payment will be with taxes, insurance ,etc. It's obviously just a ball park figure but it helps.
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| Posted 3/15/10 10:30 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: Those looking for homes...
we got pre-qualified. I'm glad I didn't get pre-approved until we tried to actually buy a house because it was 6 months later.
ETA- pre approved they run your credit, with a pre-qualify letter that they issue you, they don't run your credit. I think a lot of people get this confused.
Some banks charge you the credit report fee when they do this as well.
Message edited 3/15/2010 10:47:17 AM.
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| Posted 3/15/10 10:45 AM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Those looking for homes...
When we were looking we were in constant communication with mortgage banker and got specific letter for each house we were interested in including exact purhcase amount (estimated) and real taxes etc.
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| Posted 3/15/10 11:10 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Those looking for homes...
Posted by HeatherRose
we got pre-qualified. I'm glad I didn't get pre-approved until we tried to actually buy a house because it was 6 months later.
ETA- pre approved they run your credit, with a pre-qualify letter that they issue you, they don't run your credit. I think a lot of people get this confused.
Some banks charge you the credit report fee when they do this as well.
Yes, they did run my credit for my preapproval. I see it on my credit report.
Also many people get confused with a committment letter. I know I did. The bank tried to talk me into it, when I kept saying "But I don't even know if I want the home or if I will bid on it. Why would I want a committment?"
So just wanted to make a note of that too.
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| Posted 3/15/10 11:42 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Those looking for homes...
as a real estate agent- I can NOT put in an offer for you unless you are pre-approved
You should get pre-approved so you know how much you can afford- if you wait to find a house it can be too late
a pre-approval is NOT a mortgage committment - a mortgage committment is what you get right before you close
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| Posted 3/15/10 12:21 PM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Those looking for homes...
yes, it makes your offer more appealing than another one
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| Posted 3/15/10 1:31 PM |
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