Reply to Where to start with mortgage prequalification?

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[quote=Anonymous]There really aren't any mortgage brokers anymore. Your realtor should have good referrals for you on lenders. I wouldn't use an online lender, only because I'm an agent and I always seem to have clients who start out doing that, then the loan falls through or the lender doesn't understand our market and makes us jump through a ton of extra hoops. It's aggravating and difficult in this market to be competitive when your lender is asking for things that don't pertain to DC area contracts. It always seems like a good idea because they're so "competitive" and oh yes, "we can do anything the big banks do" but I just had one hold up a settlement for an extra month because of his BS so I'm not too keen on these online people or out of the area people.

Call a few banks. I'd say your credit union, personally I know Eagle Bank to be fantastic, call First Savings Mortgage and First Financial Services. For a prequal you only need to call one just to get them to run your numbers and give you a letter. You aren't obligated to use them, but you'll submit that prequal letter with any offer you write, so if you change lenders you are obligated to tell the seller so they know what the status of your loan process is, (i.e. that you applied and that you're going with a bank they've heard of, you shouldn't switch from Bank of America to Mom and Pop Bank out of Rhode Island - looks shady to a seller.)

Hope that helps you.

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