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Got pre-approval letters from 3 lenders, only 1 actually mattered
I spent 2 weeks gathering quotes from a big bank, a credit union, and a local mortgage broker in Columbus. The broker gave me a rate 0.4% lower and explained the closing costs line by line. The big bank's letter was just a marketing piece, they never checked my income or credit. Ask each lender for their Loan Estimate form before you compare, that's what actually counts.
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martinez.paul8d ago
Did your broker also happen to wave a magic wand and speed everything up? My buddy used one of those big bank letters last year and thought he was golden. The bank never even pulled his credit, just sent a generic rate sheet in the mail. Then the actual underwriter started asking for proof of income two weeks before closing, almost cost him the house. He ended up scrambling with a local broker who got it done in five days. Now he tells everyone to skip the fancy letters and just ask for the Loan Estimate upfront.
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