Should a First Time Home Buyer get a Loan from a Bank, Credit Union or Mortgage Company?
Sunday, July 4th, 2010 at
10:03 pm
I need to get pre approved for a mortgage, but I am uncertain of where to start. I have my finances in order, and am ready to have someone try to financially approve me. Based on your experiences or knowledge who can give the best rates, and who is most likely to approve me?
Tagged with: bank • credit union • experiences • first mortgage • first time home buyer • mortgage company
Filed under: First Time Home Mortgage
Most of the aforementioned companies all sell your loan in the same market, to wholesale mortgage lenders. Consequently, the rates, terms and costs don’t vary by all that much. Which is why you should check out all 3. Get the offer in writing, along with all closing costs, then compare. Once you narrow it down, ask how long it will take to get pre-approved and if there are any upfront fees like application fees, etc. You can usually find a lender who will offer a free pre-approval. Once you have your pre-approval, you are ready to find your new home.