hi .. im not a newlywed but thought maybe you all might have some experience to share with me ..
my FH and i are looking to buy a condo/co-op and would like to get pre-approved. thing is, we're not really sure how to go about this! if any of you have any advice on how to proceed, i'd appreciate it - thanks!
kelly4
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Re: pre-approval question
Shop around at some banks and see what they are willing to offer you. If I remember correctly, you will need 3 months of pay stubbs, bank statements, and I think your last year's tax return.
Valenia
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Re: pre-approval question
You just go to a mortgage company and follow their instructions. You may need to pay a small fee. Don't worry too much about what company does the pre-approval, you aren't required to use them when you find a condo.
kelly4
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Re: pre-approval question
valentina is right, you can get as many as you want. You are not locked into using them. If I remember correctly, you don't have to pay a fee. Double check also how long they are good for and what you need to do to renew them. Most are good for only 3 months, others 1 month.
Fran M
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Re: pre-approval question
For a preapproval I would start by getting your documentation together and then going to your current bank. You are not stuck with them when you actually apply for a mortgage and you probably wont have to pay anything. Sometimes realtors have a relationship with a mortgage company and they want you to go through preapproval process prior to making any offers.
michele31
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Re: pre-approval question
Pre-approvals are not the same as a mortgage commitement. Often, the amount you are pre-approved for is very high and you need to really think out your lifestyle and monthly expensives. Also, order a credit report for both you and FH. Make sure that there are no errors or false info on it. And any true, but not so great info you need to look at. Often credit reports have errors. I know mine had 2 Macy accounts (I closed the one and only account more than 10 years ago), and had me oweing $900 on a zero, paid account and another account that was showing default, which was also closed forever. So, getting that info cleared up was helpful BEFORE we went to the mortgage company.
Miro127
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Re: pre-approval question
thanks so much for your replies. where and how do i get a credit report? (excuse my lack of knowledge on all of this!)
