Personal Finance and Investing

Delmette2.0

(4,300 posts)

9. I went to my bank and qualified formy home loan.

Mon Nov 29, 2021, 09:29 PM

Nov 2021

This was back when several large nation wide banks were in the news about how they processed checks to get more overdraft fees and other crap.

I knew my bank would sell my loan to one of them. So I asked early on who they would sell my loan to. It would have been, in my opinion, the big bank that I disliked the most. So for a quarter point more I got with a better bank. I didn't want to pay thousands of dollars in interest to those scoundrels.

Local banks rarely keep large loans in house. Ask questions and do your research.

P.S. the loan officer gave me a quick smile.

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Applying for a mortgage [View all] Takket Nov 2021 OP

Do you have an real estate agent? multigraincracker Nov 2021 #1

not yet but i don't want to be blindsided by anything........ Takket Nov 2021 #8

Yes get preapproval. we can do it Nov 2021 #2

I was a mortgage broker but in Canada so I will give my perspective from here Bev54 Nov 2021 #3

so i should "prequalify" with multiple places, but only preapprove with one? Takket Nov 2021 #7

Yeah perhaps a few, unless of course you have a mortgage broker doing the work for you Bev54 Nov 2021 #11

You can get a rough idea of where rates are online anonymously Shermann Nov 2021 #4

Rates are not always the only thing to be looking for, terms and pre-payment options Bev54 Nov 2021 #12

My experience is the bank will loan a person too much money for the person to be comfortable questionseverything Nov 2021 #5

On number 2.: Baked Potato Nov 2021 #6

I went to my bank and qualified formy home loan. Delmette2.0 Nov 2021 #9

Let the bank tell you how much you qualify for... dixiechiken1 Nov 2021 #10

Another suggestion is to check with credit unions. Desert grandma Nov 2021 #13

Mortgage broker Lulu KC Dec 2021 #14

mortgage Islandsportivo Feb 2022 #15