Step 4 to Buying a Home: Get Preapproved For a Mortgage
Once you’ve found a Realtor to represent and advise you on what is going to be the biggest financial transaction you ever make, step 2 to buying a home is to get preapproved by a mortgage lender. As Realtors, we won’t put an offer in on a home for a client unless he or she has been preapproved. In addition, it’s important that you have an understanding of how much you can comfortably afford to spend on a home, what your monthly payments will be, what interest rate you qualify for, and how much you’ll be paying each month in taxes, etc. Here’s why a Pre-Approval is crucial to your Home search which we highly recommend all buyers read before applying for a mortgage.
Having a good mortgage lender is a crucial part of ensuring a smooth transaction. Working with a bad mortgage lender can make the process a living hell for everyone involved and put your purchase in jeopardy of not closing on time or at all. You also might end up regretting the lender you chose for years if you end up paying a higher interest rate than you should have if you had shopped your loan through various lenders. You could also lose out on your dream property because your mortgage lender was disorganized and couldn’t get you fully approved during underwriting, etc. That’s why it’s important to work with the best.
Here is a list of 5 steps to obtaining a Mortgage.