The past couple of days I’ve been in Phoenix attending a conference called Bloodhound Unchained. Today, the final day, David Gibbons, Director of Community Relations for Zillow demonstrated what I think is a neat tool for anyone thinking of buying a home but isn’t quite ready to get Pre-Approved by a lender. It’s the first time someone is able to figure out approximately what their affordability index is for home ownership and be anonymous.
This snapshot of the live daily rates for mortgages is found on the Mortgage Quotes section of Zillow. While this doesn’t take away the need for a lender to Pre-Approve you, it will give you an idea of what you can afford monthly and it does it without you having to register and receive calls from lenders.
If you know your FICO score, and are honest about your credit worthiness, you can see the current rates for the day that others who have similar credit patterns received that day. You will get a full report within 48 hours, though, that may or may not be exactly the same as what was online but it will offer you the chance to play around with different synerios.
I do not take anyone out to see property that has not been Pre-Approved and this will not take that place. You will still need to have a lender do this. We work with several top lenders in the Burlingame area if you do not have one of your own.
The two top things about this application is being anonymous and the data being current. It is really important for you to remember that rates change on an hourly basis and what you will find playing with this great tool may not be what the lender you use presents.
When you get ready to get into my car and look at homes, you should have already selected your lender and gone through the process of pre-approval, which I think is an intimate thing. You will have to bear your financial soul to this person. Give them everything they need. That way, when that special home shows up, we can write an offer immediately for you.