Get Organized
To find your best deal you may have to visit more than one mortgage broker or bank. You will need to first file your application and wait to see if they approve the loan. Get qualified before you start to look for a home, and
you'll trim your search time.
To streamline the process and improve your chances:
- Order a copy of your credit report.
The mortgage broker will also order a copy, but you should see it first. This will
give you a chance to clear up any credit problems before you submit your loan
application.
- Organize your recent tax returns and financial documents.
The lender will need your financial information to determine how much you
can borrow. If you don't have all the paperwork, you can get copies by
contacting your tax-preparer and other people who deal with your personal
finances.
Get Pre-Qualified
Get pre-qualified for a loan before you start shopping for a home. You shouldn't have to pay a fee.
If you take the time to get pre-qualified:
- You know how much you can borrow so you don't waste time looking
at properties you can't afford.
- You have an edge when you make an offer because the seller knows
you're likely to get a loan and close the deal.
- You save time when you file your loan application because you've
already assembled your paperwork.
- Contact at least six lenders.
They'll qualify you based on their own rates, loan programs and in-house
criteria. Be aware that lenders may press you to choose a loan right away.
- Talk to at least two mortgage brokers.
They'll qualify you after reviewing the loan plans offered by all the lenders
they represent. Again, you may have to pay a fee or listen to their sales
pitch.
. . . Next "Finance a Home" Topic: Find and Apply for a Loan
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