Roadmap to Homeownership
Obtaining a Pre-Approval:
Unless you are paying cash, you will need to seek a mortgage loan. The ability to obtain a mortgage loan is critical. Once you are ready to start shopping for a home, the next step is to get “pre-approved”. This means contacting a lender to be approved for a home purchase in a price range that is right for you. The lender will give you a letter stating the terms of your approval. Here are some reasons for getting pre-approved:
- Provides you with a realistic price range for your home search
- Gives a Realtor confidence that you are a serious shopper
- Gives the seller of your future home confidence in an offer that you make
Link to: “Keep Your Mortgage Pre-Approval Intact” blog by Marcia Singh
Where Do I Go For a Pre-Approval?
- Local Banks – Each bank will have it’s own set of unique mortgage products and programs
- Mortgage Brokers – Represent a variety of lenders and draw from a range of products
- Real Estate Offices – Some offices offer lender services, often through a mortgage broker
- Online Lenders – There are a variety of lenders who provide mortgage services
How Do I Choose a Lender?
- You will want to choose a lender who can provide confidence to all parties involved in the transaction: including yourself, your Realtor, the seller, and the seller’s Realtor.
- Sources of referral are: your local bank, your Realtor, friends and family.
- Talk to multiple lenders before you choose one.
- Make sure that your lender has experience in and access to the programs that meet your specific needs.