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Get Qualified 2017-09-25T19:31:08+00:00

Before you start your house hunting in earnest, the real estate professional with whom you are working likely will “pre-qualify” you to determine a price range you can afford. Pre-qualification is a necessary part of the home buying process that helps save you time and money. When questions arise, don’t be shy or withhold information about your income or credit status. Your realtor isn’t trying to pry. He or she must know all details related to your ability to obtain a mortgage. By candidly discussing your financial situation, you’ll give the agent the information necessary to show you homes you can afford. If you don’t disclose all important information, you are placing the realtor in the role of a tour guide, not someone who can help you find a home within your budget. You’ll wind up wasting your time and that of the agent.

A better alternative to pre-qualifying is to get pre-approved with a lending institution either before or during the house hunting process. Pre-approved buyers will not only know in advance how much home they can afford, but their pre-approved status gives them clout with sellers and real estate agents when the time comes to negotiate a sale price. In fact, many agents will not accept an offer unless it is accompanied by a pre-approval letter. Lastly, pre-approval speeds up the loan process after a purchase contract is signed and avoids any last-minute heartbreaks after a home is found.

The pre-approval process is relatively painless. Remember, the loan officer wants your business. That’s how they get paid. They should make you as comfortable as possible, but be prepared to be open and honest about your financial situation and provide complete information. Here are two important tips on getting loan approval: Do not submit fake letters of credit or gift letters, or make secret financial arrangements. If you plan on borrowing the down payment, you can only do so under specific circumstances; and you must disclose the loan (including the payment on that loan) as a liability to be considered in qualifying for the home payment. You must accurately list your income and assets, all debts and the approximate amounts you owe.

There are a wide variety of loans available including fixed rate, adjustable rate, bond-money low interest rate, low down payment, large down payment with very easy qualifying, second lien and investor financing. Use care to choose the right one for you.

Next:

Make a Home Buying Wish List

Related Articles:

Is Your Financial House in Order?

Make a Wish List

Make a Checklist

Go House-Hunting

Is My Agent Looking Out for my Best Interests?

Making an Offer

Closing the Deal and Going to Escrow

Planning and Organizing Your Next Move

Get A Rate That Works
Purchase or Refinance
100% Free - No Obligation
Fast and Easy
No SSN or Credit Check
The Savings Start Here
Helpful Tools
Mortgage
Calculator

Estimate your monthly payment for purchase or refinance
Auto Loan
Calculator

Determine how much car you can afford before buying
Learn About
Mortgage Loans

Learn about the different types of home loans
15 Year vs 30 Year
Loan Comparison

Compare 15 year and 30 year mortgage loan payments
Today's Mortgage
Rates

See today's mortgage rates. Shop, compare and save.
Get Qualified 2017-09-25T19:31:08+00:00

Before you start your house hunting in earnest, the real estate professional with whom you are working likely will “pre-qualify” you to determine a price range you can afford. Pre-qualification is a necessary part of the home buying process that helps save you time and money. When questions arise, don’t be shy or withhold information about your income or credit status. Your realtor isn’t trying to pry. He or she must know all details related to your ability to obtain a mortgage. By candidly discussing your financial situation, you’ll give the agent the information necessary to show you homes you can afford. If you don’t disclose all important information, you are placing the realtor in the role of a tour guide, not someone who can help you find a home within your budget. You’ll wind up wasting your time and that of the agent.

A better alternative to pre-qualifying is to get pre-approved with a lending institution either before or during the house hunting process. Pre-approved buyers will not only know in advance how much home they can afford, but their pre-approved status gives them clout with sellers and real estate agents when the time comes to negotiate a sale price. In fact, many agents will not accept an offer unless it is accompanied by a pre-approval letter. Lastly, pre-approval speeds up the loan process after a purchase contract is signed and avoids any last-minute heartbreaks after a home is found.

The pre-approval process is relatively painless. Remember, the loan officer wants your business. That’s how they get paid. They should make you as comfortable as possible, but be prepared to be open and honest about your financial situation and provide complete information. Here are two important tips on getting loan approval: Do not submit fake letters of credit or gift letters, or make secret financial arrangements. If you plan on borrowing the down payment, you can only do so under specific circumstances; and you must disclose the loan (including the payment on that loan) as a liability to be considered in qualifying for the home payment. You must accurately list your income and assets, all debts and the approximate amounts you owe.

There are a wide variety of loans available including fixed rate, adjustable rate, bond-money low interest rate, low down payment, large down payment with very easy qualifying, second lien and investor financing. Use care to choose the right one for you.

Next:

Make a Home Buying Wish List

Related Articles:

Is Your Financial House in Order?

Make a Wish List

Make a Checklist

Go House-Hunting

Is My Agent Looking Out for my Best Interests?

Making an Offer

Closing the Deal and Going to Escrow

Planning and Organizing Your Next Move

Get A Rate That Works
Purchase or Refinance
100% Free - No Obligation
Fast and Easy
No SSN or Credit Check
The Savings Start Here
Helpful Tools
Get Qualified 2017-09-25T19:31:08+00:00

Before you start your house hunting in earnest, the real estate professional with whom you are working likely will “pre-qualify” you to determine a price range you can afford. Pre-qualification is a necessary part of the home buying process that helps save you time and money. When questions arise, don’t be shy or withhold information about your income or credit status. Your realtor isn’t trying to pry. He or she must know all details related to your ability to obtain a mortgage. By candidly discussing your financial situation, you’ll give the agent the information necessary to show you homes you can afford. If you don’t disclose all important information, you are placing the realtor in the role of a tour guide, not someone who can help you find a home within your budget. You’ll wind up wasting your time and that of the agent.

A better alternative to pre-qualifying is to get pre-approved with a lending institution either before or during the house hunting process. Pre-approved buyers will not only know in advance how much home they can afford, but their pre-approved status gives them clout with sellers and real estate agents when the time comes to negotiate a sale price. In fact, many agents will not accept an offer unless it is accompanied by a pre-approval letter. Lastly, pre-approval speeds up the loan process after a purchase contract is signed and avoids any last-minute heartbreaks after a home is found.

The pre-approval process is relatively painless. Remember, the loan officer wants your business. That’s how they get paid. They should make you as comfortable as possible, but be prepared to be open and honest about your financial situation and provide complete information. Here are two important tips on getting loan approval: Do not submit fake letters of credit or gift letters, or make secret financial arrangements. If you plan on borrowing the down payment, you can only do so under specific circumstances; and you must disclose the loan (including the payment on that loan) as a liability to be considered in qualifying for the home payment. You must accurately list your income and assets, all debts and the approximate amounts you owe.

There are a wide variety of loans available including fixed rate, adjustable rate, bond-money low interest rate, low down payment, large down payment with very easy qualifying, second lien and investor financing. Use care to choose the right one for you.

Next:

Make a Home Buying Wish List

Related Articles:

Is Your Financial House in Order?

Make a Wish List

Make a Checklist

Go House-Hunting

Is My Agent Looking Out for my Best Interests?

Making an Offer

Closing the Deal and Going to Escrow

Planning and Organizing Your Next Move

Get A Rate That Works
Purchase or Refinance
100% Free - No Obligation
Fast and Easy
No SSN or Credit Check
The Savings Start Here