One of the most important steps to home buying involves getting the right loan amount for your ideal property.
There are several ways you can get prequalified to purchase a home and preapproved for a home loan, and it's generally a good idea to check your credit report before approaching this step.
A prospective lender will be reviewing your credit report and other financial details in great detail as you set the prequalification or preapproval process in motion, and you can obtain a free credit report from any of the three major credit bureaus to check it for errors.
If you do find errors in your credit report, make attempts to have them cleared up as soon as possible and keep written records of all communications with the creditors or the credit bureaus themselves.
After that, you're ready to approach the financial side of home buying; here are a few ideas for getting prequalified or preapproved for your first home: 1.
Go online to review different mortgage programs.
Websites such as LendingTree.
com and Bankrate.
com offer a number of loan packages and will also list the latest interest rates.
Take the time to review several options and submit your personal information for preliminary review.
You can expect to be contacted within a few days from a loan representative who can then guide you through the rest of the process.
2.
Approach your area bank.
Most people turn to a mortgage loan officer at their bank to obtain a prequalification letter or preapproval status in person.
Ilyce Glink, author of '100 Questions Every First Time Home Buyer Should Ask' explains that this process can actually take longer than the online process.
However, some people prefer the face-to-face communication and will be more comfortable going to the bank in order to get things started.
However, you will be receiving the same type of service either way.
3.
Pick up the phone.
Some lenders offer prequalification services over the phone, so you may not need to resort to an online application or go to the bank to get the process started.
Just call your local bank or other financial institution for a phone number and you can share your personal information over the phone.
4.
Try a national lender.
National lending companies such as Countrywide home loans and Bank of America also offer online services and over-the-phone prequalification and preapprovals, giving you more options for your future loan.
Visit these lending companies' websites to learn more about current rates and send in your information to become prequalified for your loan.
5.
Try an aggregator website.
If you can't decide between different banks or financial institutions, use an aggregator site that compiles rates and services from multiple lenders and only requires you to submit your information once.
After the information is submitted, you can select the best package from several different options.
Getting prequalified and preapproved for a home loan is the first important step in home buying.
Use any of the above resources to get the process started and get the best rates for your future mortgage.
There are several ways you can get prequalified to purchase a home and preapproved for a home loan, and it's generally a good idea to check your credit report before approaching this step.
A prospective lender will be reviewing your credit report and other financial details in great detail as you set the prequalification or preapproval process in motion, and you can obtain a free credit report from any of the three major credit bureaus to check it for errors.
If you do find errors in your credit report, make attempts to have them cleared up as soon as possible and keep written records of all communications with the creditors or the credit bureaus themselves.
After that, you're ready to approach the financial side of home buying; here are a few ideas for getting prequalified or preapproved for your first home: 1.
Go online to review different mortgage programs.
Websites such as LendingTree.
com and Bankrate.
com offer a number of loan packages and will also list the latest interest rates.
Take the time to review several options and submit your personal information for preliminary review.
You can expect to be contacted within a few days from a loan representative who can then guide you through the rest of the process.
2.
Approach your area bank.
Most people turn to a mortgage loan officer at their bank to obtain a prequalification letter or preapproval status in person.
Ilyce Glink, author of '100 Questions Every First Time Home Buyer Should Ask' explains that this process can actually take longer than the online process.
However, some people prefer the face-to-face communication and will be more comfortable going to the bank in order to get things started.
However, you will be receiving the same type of service either way.
3.
Pick up the phone.
Some lenders offer prequalification services over the phone, so you may not need to resort to an online application or go to the bank to get the process started.
Just call your local bank or other financial institution for a phone number and you can share your personal information over the phone.
4.
Try a national lender.
National lending companies such as Countrywide home loans and Bank of America also offer online services and over-the-phone prequalification and preapprovals, giving you more options for your future loan.
Visit these lending companies' websites to learn more about current rates and send in your information to become prequalified for your loan.
5.
Try an aggregator website.
If you can't decide between different banks or financial institutions, use an aggregator site that compiles rates and services from multiple lenders and only requires you to submit your information once.
After the information is submitted, you can select the best package from several different options.
Getting prequalified and preapproved for a home loan is the first important step in home buying.
Use any of the above resources to get the process started and get the best rates for your future mortgage.