Loan Pre-approval Question

Hey Baltimore.. You could but that would be HIGHLY unethical. if you're not comfortable with your current lender, then you should find someone you are comfortable with and stick with them.. There's a lot of time and effort required to bring your loan to the table, and your loan officer does not get paid unless the loan closes.. So it's just not fair to him... Also, if you use the pre approval from the bank and your contract gets accepted based on that information, then you switch, the seller can interpret this as a breach and cancel your contract, plus it can also be interpreted as a sign of financial problems for you the borrower... Now they probably wouldn't cancel your contract in most situations, but it's a possibility. I have said this many times, but when you shop, you're not necessarily shopping for the best rate, but someone you can trust.. once you find that right person, you will feel confident that they are working with your best interest in mind and everything else will just fall into place, and you won't have to question it.. The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

The pre-approval is specific to the Lender that gave it to you. You're able to shop around and look for a better deal, with another Loan Officer, while you're looking for a new home.

You can use other lenders and switch to FHA . Our office serves your area with the low end of rates and fees as well as closing quickly. If your looking beyond the immediate Baltimore city we have a another loan program that can reduce the fees you will pay with FHA. Give me a call and we can provide you answers today. Mark 800-485-1387 Extension 107

Hello Sean,You don't have to use the same lender for purchasing your home, however changing your loan type from Conventional to FHA might not work, FHA has different mortgage insurance cost and it might increase your debt to income ratio.

I love Maryland homes!!! very nice!! ok, to your question, if you are putting on a contract on a bank owned property, do not switch. I was the reo listing agents underwriter for a major bank, and my advice , if you want the bank owned house, find a different lender now, and once a seller accepts your offer, it is not a good idea to switch loan programs. Have you heard of your approval going back to the end of the line? yes, it can happen. Certain homes may have issues that can cause you to lose out on the home. . I do loans in Maryland, and i do not have all of the bank overlays.. If you are near John Hopkins hospital, and ever have heart problems, my niece is a cardo doc there... linda yourloanpartnerforlife@live.com my website in on lender 411. i do not post my pic on the front page.. linda

Yes to all your questions. However, it is best to figure out who you are going to use for your financing before the offer is made/accepted. This allows you to have a smooth experience. Whatever you do, don't play the game of working with two or more lenders at the same time. If you do, it is highly likely that when your file gets to underwriting, they will all decline you. Underwriters can be extremely finicky, and working two or more loan apps at the same time looks fishy. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950