Mortgage application problems

[Exterous]

So we are in the process of buying a house. We got pre-qualified and pre-approved for the Rural Housing Mortgage. We supplied our mortgage agent with all the appropriate documents (W-2s, tax info, banking, savings 401k etc)

We sit down and fill out the app to send it in - declined. We make too much. How much over? $1,250.

Really? So now I am mad at our agent since the next best option requires a higher down payment and PMI on the mortgage.

My expectation was that when I am told (after providing all of the information needed to see how much we make) that we are qualified for a loan is that we actually get it

Now, am I being too critical of the agent?

 

[Vic]

Yes, you are.

 

[sjwaste]

What's the best way to shop for a mortgage anyway? Our realtor put us in touch with a lender he recommends, and I went through and got a credit letter just in case we wanted to make an offer. But I still want to get the best rate w/ lowest closing I can, obviously.

 

[amdskip]

Visit lending institutions and see what they can do for you.

 

[Exterous]

Originally posted by: Vic
Yes, you are.

Fair enough

Originally posted by: sjwaste
What's the best way to shop for a mortgage anyway? Our realtor put us in touch with a lender he recommends, and I went through and got a credit letter just in case we wanted to make an offer. But I still want to get the best rate w/ lowest closing I can, obviously.

We visited a lot of places and checked about any offers provided through our places of employment

 

[NL5]

The agent should have know the income limitation. Period. They are supposed to be a professional who knows what they are doing. Why else do you pay them?????!?!

 

[Vic]

Originally posted by: NL5
The agent should have know the income limitation. Period. They are supposed to be a professional who knows what they are doing. Why else do you pay them?????!?!

They don't get paid for declined loan applications.

 

[Ness]

Originally posted by: sjwaste
What's the best way to shop for a mortgage anyway? Our realtor put us in touch with a lender he recommends, and I went through and got a credit letter just in case we wanted to make an offer. But I still want to get the best rate w/ lowest closing I can, obviously.

Mortgage Broker?

 

[sjwaste]

Is shopping online a decent way to go also? I'd really like to get as many quotes as possible. The guy I have now is a broker, but I want to make sure he's giving me the best he can.

 

[BurnItDwn]

If your place of work has a credit union, it's worth seeing what they can offer.

 

[compman25]

Pre-approved or pre-qualified?