Mortgage Hunting: Let's Talk Money

By Debbie Wilson
LoanPage.com Columnist

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Home loans come in all sorts of shapes and sizes. But before you can settle on a specific loan program, you'll want to answer a few critical questions to ensure you get the best mortgage for your goals and lifestyle.

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First-Time Buyer Questions

Before you take the plunge into a new home loan, consider asking yourself a few critical first-time buyer questions. What type of house do you want to live in? Where do you want to live? How many bedrooms do you desire? Do you want a large yard or extra acreage? What is the school district like? Once you've answered some of these questions, you'll want to analyze whether you can afford to buy a home that satisfies all those needs. If not, you may want to partner with a real estate agent specializing in helping first-time buyers. They can answer your mortgage questions and provide additional, timely information. This can be important since many homes in the entry-level home market sell quickly.

Pre-Approval

Pre-approval is really just another way of letting lenders know how much you can borrow, what loan programs will most likely work best in your situation, and how much home you can afford. And while becoming pre-approved is not a loan commitment, it does provide a reasoned, carefully analysis of your financial situation. Ultimately, it will help you obtain the best new home loan you can afford and put you in your dream home quicker and with less complications.

The Mortgage Hunt

Once you have done your analysis on the type of home you desire and defined your price range, the next big step is to choose your mortgage. In today's mortgage market, there are so many new home loan programs available, you might not know where to start. Speaking with a qualified mortgage lender can quell many of your fears by streamlining the home loan process, pinpointing pros and cons of each option, and matching loans up with your financial objectives.

So don't let that new home loan scare you away. With active house hunting, detailed research, a defined price range, and sound financial objectives, you too can own the home of your dreams.

Sources
money.howstuffworks.com
www.mortgagelenders.com

About the Author
Debbie Wilson owns and operates a lakeside resort. Her previous experience includes profitability consulting for a national healthcare company. Debbie holds a B.A. in Business Management with a minor in Physical Education.

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