Mortgage & Home Loan

It’s a good idea to get your mortgage lender’s initial approval before you start looking for a home. Being approved right up front can tell you exactly how much you are going to qualify for so you don’t waste time looking for homes outside your budget.

When defining the initial approval process, mortgage lenders use a range of words-including approval, pre-approval and pre-qualification. Looking for a lender that verifies most of your information up front is crucial, so you can make a strong bid.

Now, the fun part begins! To start seeing homes in your city, connect with a real estate agent. Professionals in real estate will help you find the right home, negotiate the price and manage all the paperwork and the information.

Once you have approved your bid, there’s a little more work to be done to finalize the sale and your funding.

At this point, the lender must check all of the mortgage information–including your wages, job, and properties–if those details have not been checked up front. They will also need to check information about the house. It typically involves obtaining an assessment to validate the home’s value and condition. The lender will also employ a title company to review the home title and make sure there are no issues that would prevent the sale or cause problems later on.

When your loan has been accepted in full, you must meet with your lender and real estate specialist to close your loan and take over the house. You must pay your down payment and closing costs at the end, and sign your mortgage documents.