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My husband and I are trying to buy our first home. Its not going to be much but we like the location and we want something of our own. We are currently through a bank that from my research has the highest interest rate. So I need to know if we have to go through our bank or if we can choose another.

6 Thoughts on This might be a stupid question but do you have to be a member of the bank to apply for a mortgage loan?
  1. Reply
    May 14, 2011 at 11:14 pm

    Nope. Some banks offer users a better rate.

  2. Reply
    May 14, 2011 at 11:50 pm

    No you normally dint need to be. They base their decision on your credit history and ability to pay

  3. Reply
    May 15, 2011 at 12:19 am

    You are not required to be a member of any bank to apply for a bank mortgage loan. They might have a product that could be of use to you.

    I would not concern myself with the word of mouth about the interest rate one borrower obtained as each borrower has unique situations both credit and salary wise that might cause the interest rate to be higher for some borrowers than others.

    In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

    Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

    He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

    The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

    When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

    #1 One month of pay stubs for each person that will be on the mortgage.

    #2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

    #3 Two years of federal income tax along with the W-2 that match.

    Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

    Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

    Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

    If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

    You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

    Make sure your mortgage broker explain all your options so you may make an intelligent decision.

    What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

    So select the best option for you and your financial situation.

    You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

    Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

    Your mortgage broker will now order an appraisal to show proof of the property value.

    The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

    After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

    Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

    I hope this has been of some benefit to you, good luck

    “FIGHT ON”

  4. Reply
    May 15, 2011 at 1:18 am

    You can go to any bank you want. Banks don’t actually have members, only customers and sometimes clients. Credit Unions have members and you would have to be one to get a loan there, but not at a bank. Call several lenders, big banks, small local banks, credit unions if you qualify for one, a mortgage company or two.

  5. Reply
    May 15, 2011 at 2:16 am

    I am Natasha Chan i was in need of a loan of $ 300 000 USD and was scammed by those fraudulent lenders and a friend introduce me to Mr John Clarke,and he lend me the loan without any stress,you can contact him at

  6. Reply
    Johanne C
    May 15, 2011 at 3:04 am

    It’s not a requirement. But bank clients with a good standing may be given more attractive offers (if the bank has exclusive offers).

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