Adventures in First-Time Homebuying #5: Your Sexy and Glamorous Journey to Pre-Approval, Part 4
Author: Nick
Category: Money
Topics: banking, lending, real estate
Yes, I know that this episode officially concluded yesterday, but I forgot one extra bit of advice that I don’t want to get buried in an edit to Part 3.
Another Reason to Stay Away From Internet Lenders
Recall that, in my experience, Bank of America‘s loan packages absolutely crushed those presented by internet lenders like Amerisave.com. But what if one of those internet lenders had a better, cheaper loan? And what if they had excellent customer service, too? As it turns out, we are very lucky that an internet lender did not beat Bank of America’s loans.
Had we gone with an internet lender, our offer would have been rejected by the sellers.
Got that? Yes? Well, just to be sure, I’ll say it again.
Had we gone with an internet lender, our offer would have been rejected by the sellers.
Even if we had presented a genuine, bona fide pre-approval letter from First Internet Bank of Awesomeness, our offer on the house we close on next week would have been rejected. The sellers’ agent said exactly this to our agent.
So why all the hatin’ on internet lenders? In this case, the sellers had already located a new house and wanted to ensure that the process of selling their old house went smoothly. That meant no hiccups on the part of the buyer (me) and definitely no hiccups on the part of the buyer’s lender. Knowing that my loan would come from Bank of America did much more to soothe the nerves of the sellers than if it were coming from some lesser-known internet lender.
Of course, plenty of sellers accept offers with pre-approval letters written by internet banks all the time. But in cases where time is short and there may be other offers on the table, the type of lender you choose could make all the difference in you getting the house or not.
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20 Responses
1.
alomda
November 2nd, 2010 at 4:11 am
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December 19th, 2010 at 12:51 pm
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January 26th, 2011 at 3:39 pm
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4.
Jocuri
February 11th, 2011 at 5:19 pm
I want to buy a house too, but I noticed that banks are really reserved when it comes to approving my loans.
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December 1st, 2011 at 5:57 am
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December 24th, 2011 at 11:19 am
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9.
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January 1st, 2012 at 9:15 pm
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10.
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January 3rd, 2012 at 9:45 am
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11.
Property Marbella
January 11th, 2012 at 4:33 am
Even if we had presented a genuine, bona fide pre-approval letter from First Internet Bank of Awesomeness, Property Marbella
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January 28th, 2012 at 11:39 am
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March 17th, 2012 at 10:43 pm
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March 26th, 2012 at 8:01 am
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18.
Marbella apartments
May 2nd, 2012 at 5:00 am
That meant no hiccups on the part of the buyer (me) and definitely no hiccups on the part of the buyer’s lender
19.
دردشة عراقية
September 13th, 2012 at 6:38 am
يك طريقة ملهمة جدا لاستكشاف وتقاسم أفكارك. فمن المألوف جدا في الوقت الحاضر، والكثير من المواقع وبلوق وجود نسخة لصق أو إعادة كتابة المعلومات. ولكن هنا، لا شك، هو الأصلي ومعلومات منظم بشكل جيد للغاية. يبقيه.
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Trackbacks & Pingbacks
[...] Somehow you’ve managed to sweet talk somebody into lending you the cash to buy your first home. But unless you’re a tiny tiny person, you can’t live in a mortgage pre-approval letter. So it’s time to find a property on which to spend all those promised funds. We’ve previously touched on methods you can use to find your new home, but you’re probably not quite sure how to go from “Ooh, that house looks nice” to “Ooh, I own this house.” Heck, you might not even know how to go about looking for your new home in the first place. Enter the real estate agent. [...]
Pingback by Adventures in First-Time Homebuying #6: The Hunt for a Real Estate Agent, Part 1 | Punny Money — September 7, 2006 @ 10:45 pm