i haven't found any houses i like yet, do we need to get preaproved for a loan now or when we find a home?

Yes most likely you will need a pre-approval to shop for a home. Realtors usually will request it before they spend a lot of time with you. I can issue you a pre-approval within an hour. Get into touch with me if you want to go over your options. P: 888-320-7888 - www.MortgagesforAmerica.org - Ken@MortgagesforAmerica.org - Ken Burrows

most realtors will want that pre approval depending on the market and the realtor..... no you dont have to work with the lender that preapproves you, however just like you wouldnt want to work for free, Hopefully you realize that the lender that does the preapproval earns their living by closing loans and is not compensated just to preapprove you.That being said I would welcome the oppurtunity to earn your trust and businessJohn Schweer Sr. Mortgage Banker since 1998Direct Line: 816-412-3568Fax Line: 816-410-2754Email jschweer@dfckc.com

You don't HAVE to work with any lender you don't feel comfortable with. That being said it is always a good idea to get pre-approved. What you may consider not a big deal could be a big deal to the lender. As an example, we must document source of funds for the down payment and/or closing cost and if you sell and asset for some of or all of those funds you will need to create a paper trail as to where those funds came from. By getting pre-approved, a good loan officer can tell you how to properly document the funds so that they can be used. This is just one that come to mind but there are several examples i could use. Its better to catch these little nuances now when they can be easily fixed because if you try to back track it can be a real nightmare.

The first step is getting pre-approved. That way you know exactly what to expect and if you have any potential red flags that need to be addressed. Also, when you do find a house and make an offer the seller will want to see a pre-approval letter showing that you are at least pre-approved. Some lenders will even take you through the underwriting process with the property as a TBD signing off on your income and assets. You don't have to use the loan officer who provides your pre-approval, but as a professional courtesy you should. Before you get pre-approved make sure you shop for a loan officer who comes highly recommended and that you feel comfortable with. Best wishes, Sean

it's best that you shop for your lender now and get pre approved prior to you looking for a home.. Here in Arizona, everything is selling fast, and if you're not pre approved before you submit your offer to purchase, your offer will get little to no consideration.. Our pre qualification form asks if we have reviewed your taxes, w2's, bank statements, credit history, application as well as verify the source of the down payment.. So if all we did was look at your credit and we filled out the form without checking all the boxes, your offer would still get little to no consideration.. Also, it would be unfair to call one lender, have him do the work necessary to pre approve you, only for you to go with someone else.. there's no law against it, but ethically??? .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Hi John and Melissa, I am with a direct lender in Albuquerque and can pre-approve you for no charge. If you are interested just click on my photo to see my contact info. Just call or email with questions and I'll be glad to answer them with no obligation on your part. Hope to hear from you! Charlie Sparks, NMLS# 195031

Talking to a lender and getting pre-approved before hand is the smart way to go. You may assume you'll have no trouble getting a loan when the time comes, and you may be right. One the other hand, I just turned down a person with an 800 credit score and a $140,000 income... Long story of why, but lending rules can throw a monkey wrench into the mix, and you want to know before hand. In MN or Wi, visit www.JoeMetzler.com