1. Our friends just had their loan canceled by the lender. They are crushed. How can a lender cancel a loan they already approved?

    Reader Question: Our friends are homebuyers devastated. Their lender pulled the plug just before closing. We are in the process of closing on our first home purchase. We are excited but at the same time very edgy. Our friends were a week ahead of us on their home purchase. They didn’t offer details, but how […]

    May 24, 2021
  2. My agent is insistent I use their recommended lender when I found a better option. Am I breaking some unwritten rule?

    Reader Question: My offer was accepted, and I was thrilled. Before making the offer, my agent had instructed me to obtain a pre-approval letter and recommended I use a particular loan officer. I went ahead and did so after confirming with the loan officer that doing so wouldn’t lock me into using his services. I […]

    November 23, 2015
  3. Will a real estate agent blow me off without loan pre-approval? I have a good job and credit score so why do that before I need a loan?

    Reader Question: I want to start looking for a home, but several people suggested agents won’t take me seriously without a pre-approval letter. I understand the pre-approval must be updated every 30 days, and a credit check hurts my credit score. How do I avoid being punished for planning ahead and beginning my search far […]

    September 30, 2014
  4. Do you recommend any loan modification companies?

    Reader Question: What do you know about a company called “name omitted”? Can they really help? Are they a legitimate company? Monty’s Answer: Hello Ely, and thanks for the question. I do not recommend or rate businesses, but some comments and suggestions may be helpful. Background is important. Companies like the one being questioned specialize […]

    May 28, 2013
  5. Mortgage loan pre-approval in today's real estate market is a must if you plan on financing your purchase

    A mortgage loan pre-approval from a lender has gained more importance in real estate transactions than ever before. Mortgage lending has been affected the past several years with a heightened level of regulation in an attempt to prevent the types of abuses they believe created the real estate meltdown that began around 2008. Appraisal restrictions, […]

    September 2, 2011