Mortgage Pre-Approval: Your Most Important Phone Call
Purchasing your first home (or second or third) is an exciting decision. But, before you jump the gun, be sure to make a phone call to one of the most important allies during the home buying process: your mortgage loan officer. During this phone call or office visit, the loan officer will pre-qualify you for a home loan.
There are two different initial processes with a loan officer: pre qualify and pre approval. To be pre-qualified, you are providing basic, overview information on your current situation, credit, income,etc. To be pre-approved you will submit documentation showing your assets.It is important to contact a mortgage loan officer first so you know what you will qualify for in terms of a home loan. This gives your Realtor a guideline of the best houses to show you.
Just like finding a real estate agent that meets your needs, you will want to work with a loan officer that is working for your best interest. Ask your real estate agent for suggestions or friends and family for referrals. Be sure to choose a mortgage loan officer that you know will work with you to get you the best loan package possible and who is available to answer your questions.
