Purchasing a home is incredibly exciting and stressful. Knowing as much as possible before you purchase is the key to reducing stress.
Getting A Mortgage From Beginning to End
The mortgage process can often be a confusing one. Most homebuyers are interested in their dream home, not their lender. Throw in endless forms and document requests, and the mortgage process can quickly become miserable. Here is an overview of how it works, which will hopefully cut down on your stress.
Searching for the best loan is the first step. The best loan for you is entirely dependent upon your situation. A low interest rate may be a key for one person, while a low down payment might be critical for another. Other factors include your credit score, length of the loan and so on. I highly recommend you dont apply with the bank where you have a checking account. If they know it is your first loan, you are going to get a poor deal. Shop around or use a mortgage broker to do so.
Getting pre-approved is not a required step, but you should do it. This single step will cut the stress factor of buying a home by at least half. Instead of sweating your loan application during...
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