Take a look around, there is so much to review here. From basics qualifications to purchasing your first investment property.
Before house shopping, you'll want o to speak with a lender to find out how much you potentially qualify for. That means you’re not wasting time looking at homes outside your price range. A mortgage preapproval means a lender has looked into your credit history, income stability and your current finances, and is tentatively prepared to loan money to you for a house.
To get a preapproval letter from a lender, you’ll need to provide:
A mortgage preapproval is usually good for up to 90 days. After that, creditors usually want to take another look at your finances to see if anything has changed.
Don’t worry about getting several inquiries to your credit if you get preapproved by several lenders. They will only count as one hard inquiry if you do them within a short time frame (15 to 45 days typically).
Want to explore the different types of loans that you may qualify for traditionally?
Click here to see if you qualify!
A conventional 30-year or 15-year mortgage has slightly stricter requirements than an FHA loan, but it does have some flexibility and longer term benefits.
FHA loans are available to all types of borrowers, not just first-time buyers. The government insures the lender against losses that might result from borrower default.
Veterans Affairs Loans are benefit active-duty military personnel, reservists, veterans and their families. The VA guarantees a portion of the loan, which enables lenders to offer more favorable terms to military personnel.
Want to search for homes currently for sale? Click below to search for homes.
Want to know what to expect when purchasing a property? Print for a step by step guide through a seamless transaction.
The Buyer's Advisory is designed to make the purchase of real property as smooth as possible. Some of the more common issues that a buyer may decide to investigate or verify concerning a property purchase are summarized in this Advisory.
Thinking about buying a home? Click here and complete a brief survey to see where you are on your path to homewonership!
Not sure what your credit looks like? Check your credit report here. This is the only source for your free credit report, authorized by Federal Law.