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Get Preapproved Before You Find A Home To Buy
Posted By Ron On August 11, 2011 @ 1:00 AM In Banking,Mortgages,Real Estate | Comments Disabled
Once you’ve chosen a lender  and a size and type of loan , the next step is to get prequalified or preapproved for your mortgage . Yes, all that comes BEFORE you find a home you’d like to buy. If you find the home first, you may not be able to afford it so make certain you know what you can and cannot afford before you let your emotions take over and get you into a loan that’s over your head financially.
One vital aspect to getting either pre-qualified or pre-approved is knowing your credit scores , all three of them. Check out GoFreeCredit.com  to get all three of your scores for free. That way, should you uncover anything unusual, you’ll be able to get it corrected before going through the hassle of providing financial information only to find you don’t qualify because of an errant credit score .
Prequalification and preapproval indicate that you’re likely to qualify for a mortgage  of a particular type and size, but neither guarantees that you’ll be approved when you actually apply for a loan. Even so, it’s always helpful to get preapproved, not just prequalified, for a mortgage. Why? It all boils down to time. The sooner you can let a lender know you’re ready to get serious about a particular home and the sooner your mortgage  lender has your financial information, the sooner you’ll be able to know if you can actually buy that home.
Once you’ve been preapproved, you’re ready to begin shopping for a home. As you shop, remember that you’ve been preapproved for a mortgage  of a certain size. That doesn’t mean you absolutely must find a home below that price, but choosing a significantly more expensive home will require you to start all over with your lender.
After you find a home, you’ll:
Once you have a purchase agreement signed, the real estate agents and lenders will set a closing date. On the closing date, the sale of the property will close or finalize, and your lender will transfer funds to your seller and the keys to you!
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 chosen a lender: http://www.thewisdomjournal.com/Blog/how-to-choose-a-mortgage-lender/
 size and type of loan: http://www.thewisdomjournal.com/Blog/should-you-get-an-adjustable-rate-mortgage/
 mortgage: http://www.thewisdomjournal.com/Blog/mortgage-basics/
 credit scores: http://www.thewisdomjournal.com/Blog/credit/#credit-score-information
 GoFreeCredit.com: http://www.gofreecredit.com/r/4d8948948e/?subid=
 Mortgage Rates Are Still Low! Get Your Free Quote from Quicken Loans!: http://www.thewisdomjournal.com/Blog/go/quicken_loans.php
 negotiate: http://www.thewisdomjournal.com/Blog/3-quick-negotiation-tips/
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