You have decided to purchase a home. Maybe a first-time buyer currently renting. Or a seasoned buyer upgrading or downsizing. Majority of home buyers start their home search online. Then it is off to the races Open Houses. You have visited weekly Open Houses. Great may have narrowed down a community where you would like to live. Home Buyers what about mortgage financing. In the back of many buyer’s mind, they know what mortgage loan amount they qualify for. People forget about the tremendous financial responsibility of purchasing a home at their peril.One tip before searching for a home get a mortgage pre-approval. Get pre-approved. By getting pre-approval as a buyer, you can save yourself the grief of looking at houses you can’t afford. You can also put yourself in the best position. Make a serious offer when you do find the right house. Unlike mortgage pre-qualification, which is based on a cursory review of your finances. Pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head. The pre-approval shows the prospective home buyer exactly what they can afford. No buyer’s offers are submitted to a home seller without a pre-approval. Go to a direct mortgage lender. What Every Home Buyer Should Know About Financing.
What Every Home Buyer Should Know About Financing. Buyers wonder what the lender will require for a pre-approval. Read on to learn what is expected for mortgage pre-approval. Once you have pre-approval you will be in the BEST position as a home buyer.