Part 2 of the home-buying process: Mortgage lending 101
If you're like most homebuyers and don't have the cash to pay up front for a home, the first thing you'll need to do is seek out a competitively-priced loan for your buying needs. This can be done by finding yourself a mortgage lender.The lender will review your income, debts, assets, employment, and credit history to determine what you can afford, as well as the best loan and payment options for you. Whether its flexibility, low monthly payments, or assuring payments will never increase - everyone has different mortgage priorities and a good lender will make sure your needs are met.
If you are qualified by the mortgage lender, you will then receive a pre-approval letter, which demonstrates the purchasing power you need to start looking at homes. Pre-approval letters are often required to show when making an offer on a home and pre-approved buyers are generally taken much more seriously by sellers.
Watch the video below to learn more from Liz about Mortgage Lending 101!
Looking for an experienced mortgage lender to meet your buying needs? Contact us today and we'll help you find a qualified lender that you can trust!