Lend Me Your Ears
When to get serious, and pre-approved, with your mortgage banker or broker
If you're considering purchasing a new home in the next 12 months, step one is to check your credit to make sure there are no mistakes or oversights since these items take time to correct. And while we're on the subject of credit, lenders recommend that you refrain from opening or closing credit lines and cards during this time, as either move can have a negative (if temporary) effect on your credit score.
But the question brokers get most from new buyers is: when should I get pre-approved? The short answer, according to private mortgage banker Lenny Holler of Wells Fargo, is that buyers should get pre-approved as early as possible so they know how much they can afford to spend. And I would add that you should speak to an NYC-based mortgage banker or broker because local pros will understand not only what the bank is looking for but also the (more stringent) down payment and cash-reserve requirements applied by coops.
I recommend that you shop around to see who has the best mix of rates, fees and terms for your situation. Here are some of my favorite mortgage lenders.
- Lenny HollerWells Fargo646-256-7138Lenny.Holler@wellsfargo.com
- Dave ForbesJPMorgan Chase646-773-7413dave.forbes@chase.com
- Gil LedanyGuaranteed Rate201-921-3455gil.ledany@rate.com
- Shawn KellyEast West Bank718-419-1249Shawn.Kelly@eastwestbank.com
- Tony JaoCitizens Bank718-312-2513Hsing.Jao@citizensbank.com
- Sari RosenbergCitibank212-559-0782sari.rosenberg@citi.com
