Mortgage pre approval question

[erwinjohn997]

Me and my spouse applied for pre approval from our bank and we only got approved for $160,000 due to our car loan and my student loan. Both of us has 760+ credit score and its in good standing.

Our budget for the house is $325000 and planning to pay 20 percent down payment.

Would you think we can get the target budget if we get a pre approval from a broker and not in a bank?

 

[canuck78]

Me and my spouse applied for pre approval from our bank and we only got approved for $160,000 due to our car loan and my student loan. Both of us has 760+ credit score and its in good standing.

Our budget for the house is $325000 and planning to pay 20 percent down payment.

Would you think we can get the target budget if we get a pre approval from a broker and not in a bank?

Preapproval will likely be pretty similar if looking at the lowest rates. if you’re only approve for around 160k mot sure how you”43 getting to a budget of 325k plus you need to budget for all the of other expenses associated with home purchasing.

 

[steaky]

Perhaps go to a private lender trying to pay the rest?

 

[erwinjohn997]

Perhaps go to a private lender trying to pay the rest?

Private lenders have more interest rate than mortgage brokers right?

 

[steaky]

Private lenders have more interest rate than mortgage brokers right?

Probably

 

[mortgages.by.geoff]

Unlikely a private lender or a mortgage broker would be able to get you double the amount of what the bank preapproved you for. It's best to pay off/sell the car and requalify for a higher mortgage.

 

[rmacraj]

Being a Mortgage professional myself, i know that banks tend to play safe when it comes to qualifying you for a mortgage whereas its not the case with Brokers as they work not only with Big banks but also with less reputed financial institutions/private lenders who generally are willing to take more risk than banks

 

[hydrakanth]

Is that your FICO score or the credit score you got from an agency such as equifax, transunion etc? If it is not your FICO score then it is useless as lenders use FICO score to qualify you for a mortgage. And as far as I know, you can't get your FICO score as it is only available to lenders.

Try looking for mortgage rates at www.ratespy.com and call the lenders directly to see if you qualify for a higher amount. Also take a look at CHMC first time home buyers plan.

 

[gurpreet.ts]

Me and my spouse applied for pre approval from our bank and we only got approved for $160,000 due to our car loan and my student loan. Both of us has 760+ credit score and its in good standing.

Our budget for the house is $325000 and planning to pay 20 percent down payment.

Would you think we can get the target budget if we get a pre approval from a broker and not in a bank?

You should connect to a reliable mortgage broker, they can advise you with multiple options - plus they have access to 30 to 50 lenders and can guide you in the right direction. Let me know if you want to know anything in general.