Unless you’re applying for a loan online,
you’ll be faced with having to deal with
a mortgage lender face-to-face. For your first interview, you
want to be prepared and have every bit of
information they need to consider your application.
Your lender is going to focus
primarily in two regions: your income and your long-term
debt. In order to do this with the least amount of
stress possible, try to discuss your lending needs
before you find the house of your dreams.
Waiting too long means you’ll
be in a rush to secure financing before someone else
comes along and snaps up your ideal home. After
discussing your needs, the lender will be able to tell
you how much home you qualify for, which is known as
pre-qualification.
If possible, have the lender
pre-approve you for a loan, which means you’re guaranteed
a loan in the amount the lender
offers.
Disclaimer: The information
provided in this site is not legal advice, but general
information on financial issues commonly encountered. We
shall not be liable for any errors in the content or for
any actions taken in reliance thereon. Please consult
your financial
advisor.
