who is the mortgage company that will prequalify me for a home loan?

(0) | asked by: prem singh | share | 14 hours ago | Report
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answer by Rich Reed    |   Visit My Website   |   Contact Me
Hi, Prem, almost any and every lender can pre-qualify you in a matter of minutes. Unfortunately, a pre-qualification letter carries very little weight when making an offer. Pre-qualification means that a lender has evaluated your creditworthiness and has decided that you probably will be eligible for a loan up to a certain amount. Better, is a pre-approval letter, which again almost any lender can issue in a matter of minutes. A pre-approval letter is a statement from a lender that you qualify for a specific mortgage amount based on review of all of your financial information, including credit report, pay stubs, bank statement, salary, assets, and obligations. Pre-qualification and pre-approval letters are usually issued at no cost. The strongest letter would be from a lender that has had your loan amount pre-underwritten. With this type of letter, you can more easily compete with cash buyers. Not every lender does this type and often you will have to pay a nominal fee to get one. Try working with a local Realtor and mortgage broker in your desires search area. Hope this is helpful!
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answer by Joanne Lin    |   Contact Me
The bank your paychecks go every month. Of course me too.
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answer by Michael Cheng    |   Contact Me
There are hundreds of mortgage companies and banks that can, in theory, prequalify you for a home loan. You should try to work with those you're familiar or closest to. If you're in the Bay Area, there are many options available but only a few will consistently offer the best rate and terms.
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13 hours ago  |   Report   |   share
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