Step 1: Getting pre-qualified for a mortgage
The first step in any homebuying process is to meet with a mortgage lender or broker. There are three reasons for this:
- It helps you pinpoint the price range that is best for you.
- It allows you to find out well in advance about special programs that you may apply for, such as federal or local incentive programs.
- When we make an offer on a home, a pre-approval letter lets the seller know you are serious. In fact, most sellers will not consideran offer that is not accompanied by a pre-approval letter.
When a lender approves you for a mortgage, lenders look at such factors as your income, credit report, assets, down payment, and current debt in considering your loan approval amount. A good lender will even offer great tips to help you improve your credit. Most lenders offer a variety of loan types and can assist you in choosing the best loan type for you.
We will gladly refer you our preferred mortgage broker who has access to the most competitive rates on the market. We chose our preferred broker because in our experience, the company does an excellent good job at achieving great rates, provides top-notch service , and does not put clients into risky loan packages. Our preferred broker recieves nothing from us other than our consistent business referrals. We otherwise highly suggest you receive a personal referral to a quality lender.
Step 2: Our first meeting!