Applying for a conventional loan to get pre-approved. Need advice

[Sokhna Wade]

Hi everyone!

I have an appointment with my bank (Chase) to look at my options for a mortgage to get pre-approved.

Before my appointment I wanted some advice on what I should look out for. What not to say, and just basic information that I need to know to prepare for this appointment as it’s my first time.

I appreciate any advice.

Thanks in advance!

[Cris Normandt]

Hi Sokhna,

My best advice would be to speak with multiple lenders. Big banks do not focus on mortgages like your local mortgage lender does, therefore you might not get the level of service you might want. individuals usually want to rate shop, but it is more important to find out what the payment is going to be rather than shopping for the actual rate. (hidden fees) Make sure to understand your loan options and understand what cash you will need at closing. Lenders will ask to run your credit, this will be a hard pull. You can have different lenders pull your credit within a 30-45 day time frame without having a major impact on your credit score. I hope this helps. 

Thanks,

-Cris