If you are serious about buying a home, cleaning up your
credit should be the first item on your program. After going through your credit
report, identifying, paying off and closing most of your credit cards, your
next step is to shop for a mortgage.
To pre-qualify for a mortgage, you meet with a lender and give
information about your possessions, income and liabilities. Based on those
details, the lender will approximately estimate how much money you can use.
The pre-approval procedure is more official than the
pre-qualification procedure. With pre-approval, the lender checks your credit,
verifies your monetary and employment information and confirms your capacity to
qualify for a mortgage.
Mortgage brokers, banks and real-estate agents are all
popular sources for mortgages. While no single source offers the ideal solution
for every customer, knowing the pros and cons of each type of lender will help
you choose the one that's correct for you.
Real-estate agents often play a major role in introducing
their customers to lenders. Since real-estate agents make their living selling
houses, they obviously have good associates in the mortgage industry, serving
as a major convenience for their clients.
More Details: Jeff Adams Real Estate
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