Loan Officer Recommendations and Pre-Approval Letter
Scroll down to end of page to see the list.
Sellers and their Listing Agents typically will not consider your offer if you don't have a Pre-Approval Letter. So if you are serious about buying a home within the next few months, your first step is to contact a reputable lender and start a Mortgage Loan Application. Even if you're not actually be ready to buy a home for several months from now, it's best to know for sure how much you're able to borrow. Initially looking at homes $20,000 higher than what you can get approved for, will make it harder to find a home you will be happy with when you start viewing lower priced properties later on. And should there be credit issues you're not aware of, you can start clearing them up right now. After the recent mortgage crisis, the underwriting approval guidelines have become more stringent. For some, it can take 6 months to a year or more to establish an acceptable credit report. Also consider this scenario. I have taken buyers out to view five homes. We get to the second home and want to immediately submit an offer and cancel our appointments for the three other homes. The home you like is such a sharp property that there are multiple offers. If your offer is not accompanied with a pre-approval letter, chances are very good one of the other offers will be accepted. And in some cases, the accepted offer was less than your offer! This shows the importance of having a pre-approval letter.
If you know that you have credit issues and need help, I suggest contacting Mr Jim Treece at the Credit Care Company Cell 314-920-3614, Office 314-485-9940, Fax 1-866-593-6234 or jtreece@thecreditcare company.com Here is more information about the company on the owner's Linked-in page: John Boll.
I will typically set a few property viewing appointments before you have started a loan application if you are simply trying to decide whether or not to purchase now and just want to preview a few homes to get an idea of what's out there. This also gives you the opportunity to meet me face to face to help you decide if you'd like for me to be your Realtor. But when we begin looking for property on a regular basis, I need to have a pre-approval letter in your file.
Unless you have had a good relationship with a particular bank, I suggest to call at least two loan officers to compare rates and fees. Don't be fooled by TV commercials instructing you to go to their website which advertises to have lenders compete with each other in providing you with the best interest rate. I have numerous stories I can share where a local lender offered a lower interest rate and charged less fees than a lender previously chosen my buyers. Here's one such story. One buyer came to me with an approval from one of these website lenders. The young couple buying their first home, took my advice to compare. A lender I recommended beat their lender with 1/8% lower interest rate, and get this.... $1200 less fees. This buyer was extremely pleased that I had made the suggestion to compare and it was certainly well worth making the extra phone call. Please note, that unless you know you have an excellent credit score, you should not call too many lenders. Each time you give permission to a lender to check your credit report, it lowers your credit score by several points.
Below is a list of Loan Officers that I have had personal experience with, either representing my own buyers, or whom I felt did an outstanding job in financing the buyer of one of my listings. Each of these loan officers will provide the professionalism my buyer clients deserve and are diligent in meeting the closing dates set forth in your sale contract. When contacting the Loan Officer of your choice, please let them know you are working with me. Most loan applications can be started over the phone. But if you prefer a face to face meeting, call me (314-524-7883) and I can arrange a loan application appointment at my office: Coldwell Banker Gundaker, 2402 N Hwy 67, Florissant 63033. Or they can meet you at any one of our branch offices located throughout the entire metropolitan area.
Lynne Schlereth - USA Mortgage12140 Woodcrest Executive Dr Ste 150
St Louis, MO 63141
314-504-8426 Mobile Primary
Wes Sutterer - PHH Home Loans
Mortgage Loan Officer
6235 Mid Rivers Mall Dr
St Charles, MO 63304
Mark Heckman - Pulaski Bank
Senior Loan Officer
1 Pulaski Center Drive
Creve Coeur, MO 63141
Before we start viewing
property on a regular basis, I will require one of the following:
you already have a lender in mind that you want to work with, please
bring a copy of a Pre-Approval Letter from this lender to our second
meeting. Or have your lender email it to SteveSTUD@Realtor.com
or fax it to my attention at 314-831-9502.
2) Call any lender from above prior to our second meeting. Many can pre-approve you over the phone is as little as 20 minutes,
and they will send me your Pre-Approval letter! Or if you can't get pre-approved until resolving minor credit issues, please request for the lender of your choice to call and let me know an approval letter can be issued soon.