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Secure Your Financing


The first step to purchasing a home is to line up the financing you’ll need for your mortgage.  You can improve your negotiating position if you have taken the time prior to making an offer to work with a lender to secure a letter saying you are qualified for a loan up to a certain amount.  Given the highly competitive nature of our current market, it is imperative that you have secured loan approval before you make an offer. Once this is established, the rest of the process is easy.

Meet With Several Reputable Lenders
Lenders who seem most responsive are usually the most eager to help you.  There are all kinds of loan products available with different rates and features.   A competent loan officer will educate you and guide your through the options that are best for your specific situation.   Be sure to ask for a list of lender fees and charges that you will have to pay at closing.   Many internet lenders tease with lower interest rates but compensate with additional or higher fees.   We will be glad to provide you a list of lenders we have had good experiences.

Get Your Mortgage Pre-Approved
Unlike prequalification (a quick estimate of your borrowing potential), pre-approval is a formal approval.  By initiating the mortgage process early, you’ll be in a better position for your home search and purchase.  You should receive a “good faith estimate” of your closing expenses from the lender you choose.

  • Save time by shopping within your pre-approved price range
  • Insure your purchase offer is seriously considered by the seller
  • Close more quickly and easily
  • Less likely to have any last minute surprises

Shop Within Your Budget
Once you’re pre-approved, you’ll know exactly how much house your resources will allow.  You will have an edge over other buyers in multiple-offer or negotiating situations.  Plus, your Buyer Agent won’t waste your time showing you homes in the wrong price range.


Be careful of Web Lender offers!    No matter where you are, it is always preferable to have a local lender.  Personal contact makes the lender more accountable to you and gives the Seller a secure feeling knowing you are pre-approved with a local lender.  This could mean the difference in getting your offer accepted.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Items Needed for a Loan Application

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