When you start the process of buying a home it can be both a daunting and exciting experience at the same time. By breaking down the process into step by step it becomes a more enjoyable and rewarding experience.
Essentially the steps to buying a home can be broken down into the following:
When looking through the various web sites about mortgages you will often come across a couple of different terms.
Pre-Qualification or Pre-Approval
Pre-qualification is finding what you can afford based on your current level of income, savings and expenses. This is not an approval from a lender for a loan but merely gives you a good idea of what you can afford.
Find out what you can afford with this simple mortgage calculator. The calculator will give you an idea but should not replace the advice of a Mortgage Professional.
Getting a mortgage pre-approval is different than pre-qualification in that you will need to provide documentation to your mortgage professional as well as having a credit check done. A pre-approval will help to prevent you from having the disappointment of finding the perfect house only to find out that the lender will not approve you.
Finding out your financial position before looking at homes is the very first step of the process. If you would like a list of mortgage professionals that clients have recommended for outstanding service and help click on the link for the Mortgage Professional list.
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