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Assess
Your Finances
Prepare
to meet with a lender
Avoid
major purchases before buying a home
Keep
your money in one place
Closings
costs
Down
payment
Get
pre-approved
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Get
pre-approved
Most
people just getting started may be "pre-qualified."
This simply means you’ve made contact with a lender and
briefly discussed finances and price ranges and a brief credit
report is checked. This does not mean that because you’ve been
pre-qualified you will get the loan. It just gives you a general
idea of how much house you might be able to afford.
The
best thing you should do, before looking at any homes, is to get
"pre-approved." By the time you are ready to
get pre-approved, you have chosen a lender that you’re willing
to work with. Getting pre-approved involves actually meeting
with the lender, providing all the documentation they require,
and completing a loan application. At this point, there are fees
involved, so make sure you are with a lender you like and trust.
The lender will then take your loan package and get it
pre-approved.
Now,
this still does not totally guarantee the loan (unless something
drastic happens with employment, credit, funds, or personal),
but it is a very strong promise that by satisfying a few more
conditions, you will get final loan approval. Nevertheless, a
pre-approval shows your commitment as a buyer when submitting an
offer. Also, by this point, some lenders are able to lock
in a rate for a certain amount of days if the rates are
reasonable and you don’t want to risk paying a slightly higher
rate by the time you find and buy your home.
If
you have any questions, Please call
1-866-OC-House
© 2012 Inadrek llc - All rights reserved.
Written By Shan Roberts
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