Getting Pre-Qualified for a Loan
Prior to starting your new home search, it is a very good idea to get to speak with a lender to get pre-qualified for a loan. A pre-qualification is an unofficial estimate of the home you can afford. This will help you concentrate on a specific price range of home, and save you time so you won't be looking at properties well over the price that you can afford to purchase. Getting pre-qualified also helps you determine how much down payment will be needed, your interest rate, and your approximate monthly payment.
Getting Pre-Approved for a Loan
You also have the option to get pre-approved for a mortgage loan. Getting pre-approved means that a lending institution has processed your loan application and approved a specific mortgage amount. Lenders use a series of qualifying guidelines to determine what size of loan you and any co-borrowers can get. You will need a Pre-Approval letter to submit along with your bid to HUD when you find your dream home.
Please submit this form for Pre-Approval:
IF YOU ARE ALREADY PRE-QUALIFIED, IT'S TIME TO START SHOPPING !
Click Here to Get Started: