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Hi there… I had applied for a mortgage and Capital One contacted us to fill out paperwork so that we can get pre-approved for a mortgage. I just wanted to discuss this with the experts here and check out whether or not I will really qualify for a loan.

Loan Amount: $150K - $160K
Down payment: $6500
My score: 710
Spouse's score: 687
Combined gross monthly income: $5400/month
Combined monthly debt: $341.28
DTI Ratio: 6.5%

I had also contacted PNC's for pre-approval but have not submitted the completed form yet. What do you think - should I attempt pre-approval with both the lender? Or should I get pre-approved with Capital One only whom I have an account with? My down payment is also kept in that account.

sara · Posted: Wed Aug 10, 2011 12:10 am Post subject:

Hi blackbelt,

With the credit scores that both you and your spouse have are quite good and it will make it easier for you to get approved for a conventional loan. I don't think that will be a problem. As far as the pre-approval is concerned, you can get a pre-approval from both the lenders. However, you will have to get pre-qualified with one of the lenders.

This community has a large number of lenders. You can seek a no obligation free mortgage quote from them in order to find out what type of rates and terms you may qualify for.

Take care.

sabrinatoss · Posted: Wed Aug 10, 2011 1:11 am Post subject: hi blackbelt!

From the figures that you've given, I can say that you won't have any problem about getting pre-approval. However, it is necessary to let a mortgage broker help you on the process since it can save a lot of time as well as your effort.

raymond · Posted: Wed Aug 10, 2011 5:42 am Post subject:

After you're pre-approved, get pre-qualified. Pre-approval means you've provided your information to the Lender, verbally. Pre-qualified means you've provided all your information to the Lender physically, and your Loan Officer has reviewed and confirmed the information. It's much more solid Realtors will want your Loan Officer to provide you with a pre-qualification letter, not a pre-approval letter.

Posted: Wed Aug 10, 2011 7:22 am Post subject:

Your credit scores are hardly "quite good" -- they're somewhat below the average FICO. Appears you're going FHA so there will be not "hits" for the FICOs.. Debt ratios include the upcoming mortgage payment but your total DTI should be south of 30% depending on real estate tax rates. PNC can be a little squirelly about what they put in writing but overall you should be a shoe in for a FHA mortgage as this sales price range.