Applying for a Mortgage
Loan Prequalification and Preapproval
Getting preapproved is a sign of your seriousness to house sellers - it places a Good Borrowing Seal of Approval on you. In a multiple-offer situation, buyers who have been preapproved for a loan have an advantage over buyers who don't.
Buying in December
As a rule, December is a slow month for home sales, and those buyers don't get back onto the home-buying track until around Super Bowl Sunday in late January. Here are two reasons that you may decide to buck the trend.
Getting Your Credit Report
Getting a copy of your personal credit report is a good idea. Because your personal credit report contains a history of your use of credit, it's important that you're aware of what it contains and whether the information is accurate.
Mortgage Brokers
Mortgage brokers can do the mortgage shopping for you. Mortgage brokers are middlemen, independent of banks or other financial institutions that actually have money to lend.
Locating a Lender
Whether you do the footwork on your own or hire someone competent to help you doesn't matter. But you must make sure that this comparison-shopping gets done.
Traits of Good Lenders
Real estate agents and others can serve as useful references for steering you toward the top-notch lenders and away from the losers. As you solicit input from others and begin to interview lenders, seek to find lenders with the following traits.
Multiple Mortgage Applications
When the time comes to apply for a mortgage, you may be tempted to apply to more than one mortgage lender. If you do your homework and pick a good lender, applying for more than one mortgage won't be necessary on most properties.
