Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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I'm going through this process myself, and from what I understand, the preapproval letter is something that shows the seller that you are serious and that you would be able to get financing. Many...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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Just filled out all the information for Amerisave and it looks like it costs $8.95 to get prequalified. According to this it seems like that is worthless and I should just get preapproved. Is this...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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Thats the plan, 20% down to avoid PMI. Just need to shop around for the best rate.
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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Usually no need to quality yourself but in this case where you are giving advice that goes counter/contrary to what most RE agents would give, I think it helps. I've never in my life heard of an...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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I didn't think I needed to qualify myself to comment in a forum, but since it is important to you, I am 33 years old and have bought 3 homes, still own 2, and recently re-financed 1 of them. I also...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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what ever you do don't let them run your credit, there is plenty of agents willing to show a home with no letter..bring in a bank statement and a copy or your credit report..
personally I would...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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Thats what I was thinking. Amerisave charges for the pre-qual and it's neccesary to get pre-approved. How much does a pre approval generally cost?
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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I found a home that is interesting but I am still in the sorta casual shopping phase (no realtor and not preapproved). I do have enough for up to a 40% downpayment and ready to move once I find the...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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Any recommendations on where to look? I've been doing some researching and it doesn't seem like it is a very big hit on the credit score so I think I will just go ahead with it. Amerisave looks...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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You should get preapproved, yes. All of the banks I've talked to don't charge a fee for it, so you can just pick any of them if you just need the letter to see the house. May need to call and make...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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I was calling the listing agent. I plan on getting a buyers agent but I don't know where to look.
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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Is it? Tell me, what part of it is not correct?
Why is it foolish? Do you really believe a real estate agent is on your side when you are the buyer? Their commission, even as a co-broker,...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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This is mostly incorrect.
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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2,466 Views
No, I understand the difference. I've got all my bank statements, tax returns, etc ready to get preapproved (not prequalified), and they said it was no fee, no obligation (Chase and Wells Fargo)....
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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Is it? You are right about one thing, no agent will tell you that because it's essentially saying you don't need their services. Why would they say that? Agenst would never get paid if they told...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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i say dont do 40% down
instead , look into doing a 15 yr fix, and find out whats the % down payment minimum WITHOUT PMI
if you got money left over invest it else where you will be much happier
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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I think you guys are confusing Pre-approval versus Pre-qualified. Pre-qualified should be free and is only based on info that you tell your lender. You should be able to get this letter by visiting...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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Yes - agreed, this is a stupid post.
Call any real estate agency or agent that you know in your area (referrals are best). Tell them you want to buy a house and need an agent to show listings for...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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Seriously, have you ever purchased a house? I have purchased 2, and both times my RE agent was critical and a VERY beneficial part of the process. The buyers agent IS on the buyers side. You are...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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You don't need a buyer's agent. Depending on where you live, a buyer's agent will charge you a commission if they find you a home. Honestly, you don't need an agent if you don't mind doing some of...
Getting preapproved for buying a home...what actually gets locked down?
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Thread created 09-26-2012 by BlueOvalStangGT
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Getting pre-approved is good, but the real question is do you have your own agent? I sure hope you are not calling the listing agent to see these houses. If so, you need to get your own agent ASAP....
