do i need to get pre approved and prequalified before i apply for a loan?

First of all, no loan officer with any integrity would quote you a rate based on the limited info you provided, and list it on an internet post.. anyone that does, you should avoid using them at all costs.. so much more goes into an approval besides credit score that it's impossible to know if you can or cannot get approved just because your scores are over 700. Job, income, type of income, past credit history, debt to income ratios, etc.. all this and a hundred other factors are analyzed in determining ones eligibility.. I have had borrowers with 760 credit scores get turned down, so there are no guarantees.. With all this in mind, it's the exact reason why you need to get with a mortgage lender and get pre approved prior to looking at any homes.. if there is an issue, it can be dealt with and fixed prior to you putting offers on properties.. besides, most real estate agents will not even show you any homes until they know your pre approved.. and it makes sense. if your not pre approved and you find that perfect home, any offer you submit that's not accompanied with a pre approval letter form a lender will not get any consideration, especially If there are multiple offers on the same property.. , so with this in mind, the best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Hi - Besides a down payment and credit score, there are other factors for qualifying including income, debts, credit history, etc. so I would recommend you get pre-approved as soon as possible to find the loan program that will not only qualify for, but meet your financial goals as well (For example: What type of monthly payment are you comfortable with?). When you write an offer on a home, you will need to let the seller know what type of financing you're doing, etc. As for rates, they vary with the type of loan and terms (Conventional, FHA and VA Loans offer different rates for 30 year fixed terms vs. 15 year fixed terms...(and there's other terms available...) Hope this helps :)

You will need to get preapproved so your realtor can find homes that suit your qualifications. Once you find your home, additional documents may be requested for a Final Approval. Feel free to contact me if you have any questions or would like for me to prequalify your loan. Jimmy Vu - American Financial Network - 949.287.4134 - jvu@afncorp.com

As everyone has already said, there are a lot of other bits of information that goes into giving an interest rate quote. Though a pre-approval is not required, it is the best route to take. As the others noted, it gives you a starting point for your search with your Realtor, as well as provides documentation to the sellers that you are a serious buyer/bidder. You can reach out to me any time if you have any further questions, or would like to go through the pre-approval process. jeff@mortgagesofamerica.org www.mortgagesforamerica.org

Two fine answers to your question already, I would agree you need to get pre-qualified with a lender and see what is available. As a national mortgagebank division here in the San Francisco Bay Area, we do mortgage loansthroughout CA only and would be happy to provide you with clear numbersand loan scenarios.You are welcome to check out a couple of other lenders as well...I understandgetting comparisons and have no problem with assisting borrowers inlearning what is available no matter who they ultimately choose!

You will need to get pre-approved with a lender, so that you know how much you can afford and your Realtor can gear your home search towards your price range. Once you are pre-approved with a lender lock in an interest rate, so that you don't risk getting a higher interest rate if rates go up during your home search.