Getting Your Mortgage Application Started

by Marianne Salina
Loan Page Columnist

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Are you thinking about applying for a mortgage or a new home loan? If so, its always helpful to sit down with a financial advisor to discuss your borrowing needs, budget allowances, and the current mortgage rates. Getting as much information through research is the first step in applying for a mortgage loan.

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Steps in Applying

There are a few basic steps you can take in getting your new home loan application started:
  • » First learn how much your mortgage payment will be
  • » Search and compare mortgage lenders and find one
  • » Set up an appointment with a lender
  • » Have your credit report checked subject to approval, allowing you to be pre-approved for a new home loan

Pre-Approval Speeds Process

Once you have your credit report checked subject to your appraisal and you are pre-approved, you will have a big head start when you find your home. You can receive pre-approvals with up to four mortgage lenders at a time. All of these lenders will help you understand what you can afford and what the current mortgage rates are in each loan. And of course, remember to review the terms and agreements within a loan before you sign.

While you may not have a home and your finances seem like a mystery, getting the application started will push you in the right direction.

Sources:

Applying for a Mortgage, Alia Terra.com

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*National Rates