Preparing to Buy? Get Financing First!
Once upon a time, buyers found their dream home and then went in search of a mortgage. Today things have changed. The market is more competitive, and buyers who arrange their financing first have a distinct advantage. This means finding a lender before you start looking for a home.
1. Talk to several reputable lenders.
Keep in mind that there are all kinds of mortgages available with different rates and different features. Meeting with multiple loan officers will help you navigate through all the options.
2. Get pre-approved for a mortgage.
Unlike pre-qualification, which is simply a quick estimate of your borrowing potential, pre-approval is a formal approval of a specific mortgage amount – typically the maximum you can borrow. And you’ll receive a Good Faith Estimate of your closing expenses. By initiating the mortgage process early, you’ll be in a better position for your search and purchase.
3. Shop with confidence.
Once you’re pre-approved, you’ll know exactly how much house you can afford, and you’ll have an edge over other buyers in multiple-offer or negotiating situations.
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