House Shopping
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Many steps go into shopping for a house. One is getting pre-qualified
for a mortgage.
When you pre-qualify, a loan officer can give you an estimate of how
much house you can afford, approximate monthly payments, down
payment, and closing costs.
Don’t confuse being pre-qualified with being pre-approved. In a
pre-approval, a loan officer will formally assess your credit history,
employment history, debts, gross income before taxes, and your
spouse’s income--if you’re married, and any property or assets you
own, rather than just informally review them the way it does in a pre-
qualification.
Pre-approvals give you stronger negotiation power when you place a
bid in for a house. It tells the sellers that you're already approved for
the money and that you can obtain it quickly, as opposed to someone
who needs to apply for a mortgage loan or is just pre-qualified.
When you speak to your chosen lender here are some questions you
might consider discussing:
How much can I afford to pay for a monthly mortgage note?
How much can I qualify to borrow?
How much money will I need for a down-payment? For closing costs?
What is the best kind of mortgage loan for me?
What is the difference between the various types of mortgages, such
as FHA, ARM, conventional, etc.?
Can I pay my home off faster by applying more money to the principal
of my loan?
What paperwork and documentation will I need in order to get a
mortgage loan?
From experience I have learned that working with a reputable local
mortgage lender is critical to a smooth real estate transaction. While
some companies may try to lure buyers in with advertised low rates,
very often they do not come through as promised or don't close when
they say they will - causing both buyers and sellers undo stress and
aggravation. The following is a list of loan officers that I have had
good experiences with and trust to handle my clients in a professional
way.
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