Home Loan Preapproval
Whether buying a home for the first time or 10th time it is always important to get preappoved for a home loan. In real estate the field of financing is covered with hurdles and quicksand, as we have witnessed the past couple years. If you don’t have a plan of your won, you will fall into someone else’s plan. It is critical to be prepared and when you are applying for a home loan you will need to do just that.
Lenders like to ask a lot of questions:
- Where do you work?
- How much money do you make?
- How long have you been employed with the company?
- Do you have a saving/checking account?
- How is your credit?
- How much of a down payment can you afford?
- What type of mortgage are you interested in
- and more….
When preparing to buy a home and looking at getting preapproved it is important to do a little homework and have a plan. Know what the current interest rates are and what types of fees. Shop around a bit so you can get an idea of how much it will cost you.
