Where is the best place to go to get pre-approved for a home loan for first time home buyers?
I am seriously looking into getting preapproved for a home loan, but have no idea where to start. I just cleaned up my credit so its looking pretty sweet right now and I want to lock in a good rate while its good.
- Anonymous1 decade agoFavorite Answer
Start with local banks, they offer great incentives and rates and generally hold the mortgage in house. Next go ahead and try the big guys, one that offers FHA, Wells Fargo, or US Bank. But I wouldn't use CW or Bank of America.
- kellemsLv 43 years ago
i'm going to respond to your question one by one. FHA will assist you to obtain present money from yet another relative. Their basically standards is that that is pro (60 days), you could instruct seasoning (with the aid of utilising economic enterprise statements, which would be your mom's)...and that the present letter (that the economic enterprise will furnish to you to fill out), comes devoid of reimbursement. FHA demands YOU to have the money pro and sourced of your very own money for something paid on the last table that the broking concession for last costs and the down value would not conceal. in case you have overdrafts, better than you're able to equivalent a loan denial...it shows you could't handle your money now it is extremely a concern in the adventure that your place loan is bigger than your apartment value...that is a great handle FHA.
- Anonymous1 decade ago
You want to go with a broker. When you with a bank, it's like going to McDonald's, you get what they have on their menu at their price.
Working with a broker is like going to an all you can eat buffet, you have a lot of options.Source(s): I'm a mortgage banker/broker
- JudyLv 71 decade ago
Start with your bank or credit union.