Agency for being pre-approved

[Berkay Talay]

What financial institution do you recommend to get a pre-approval? Financial companies, banks, credit unions, etc?

[Randy Rodenhouse]

If you going to get bank lending then the best in my opinion are small local banks and credit unions.  You may also want to talk to a few private lenders and institutional hard money lenders so you know their criteria if you find a hot deal.  

[Kelsey Jurewicz]

Quote from @Randy Rodenhouse:

If you going to get bank lending then the best in my opinion are small local banks and credit unions.  You may also want to talk to a few private lenders and institutional hard money lenders so you know their criteria if you find a hot deal.  

Hi Berkay,

I always recommend getting quotes from all different sources - credit unions, big banks, lenders, brokers as we all offer different pricing/interest rates/costs/credits and weigh out your options since every loan scenario is different and sometimes lenders can beat credit union pricing especially if it's a unique client/loan program they are trying to obtain.

When you're talking to a loan officer, good questions to ask:

1.) How long have you been in the industry?

2.) What type of loan programs can you offer my clients?

3.) Are you certified to give grants/down payment assistance to my clients?

4.) What type of loans do you specialize in? FTHB? refinance? non QM?

5.) What is your typical loan process/turn around times?

6.) What type of rates are you currently offering?

7.) Are you available weekends/after office hours for last minute pre-approvals/solidifying pre-approval letters to seller agents?

[Mike Klarman]

If you show a HML some money and a soft pull of your credit, they'll write you a pre-approval. I send them out all the time. Hard to get a submission of an offer seriously unless you have one these days. Sellers want to know you're financing is in order, or why even consider the offer?

[Dave Skow]

@Berkay Talay- get  several referals to loan officers  - contact them on the same day using same  criteria and  ask them  any questions ...review the  data and answers  they  provide - make a  decsion  to use one and  get pre approved  ...if  you are considering buying in multiple states - it helps to  work with a lender that  is approved in the areas you are focusing in on 

[Eliott Elias]

A local credit union will give you the best terms. If you are looking for commercial financing and have not been in business for over 2 years this is not an option.