| A mortgage loan: it's the first step to | | | | their willingness to loan you money to |
| buying real estate, and considering that | | | | buy it. The bank will also then need |
| it is a special few that have enough | | | | more detailed financial information from |
| money to pay for a piece of property | | | | you, such as pay stubs, tax return info, |
| without a loan, so there is no need for | | | | and your full credit history. This is |
| you to feel alone in this process. | | | | where outstanding debts or missed |
| The first thing you'll want to do is | | | | payments for things will come up, and |
| find a good mortgage loan officer. The | | | | could hinder your ability to get a |
| first step is to get pre-qualified. This | | | | mortgage loan. |
| process requires you to provide the loan | | | | Another thing that can prevent you from |
| officer with your record of employment, | | | | getting the loan you want is costly |
| including what your income is. They in | | | | bills. For example, if you've recently |
| turn contact a bank to get an estimate | | | | made another large purchase, such as a |
| of what they would be willing to lend | | | | vehicle or costly entertainment system, |
| you based on your income. | | | | and are on a monthly payment program, |
| Once you have pre-qualification, you can | | | | the bank will factor this against your |
| really begin your homes search. You know | | | | income to determine if you are at risk |
| how much you can afford for a home, and | | | | of de-faulting on your mortgage loan |
| a RealtorÂ(R) will take you seriously | | | | because of too many monthly payments. |
| as a prospective buyer, and show you | | | | Even if you are willing to eat beans and |
| homes in your likely price range. | | | | rice for a few months until you've paid |
| Once you have found a home you want, you | | | | down your debts, the bank won't factor |
| can make an offer on it, however soon | | | | that in. It's best to avoid making a |
| you will need to become pre-approved for | | | | large purchase if you are considering |
| a mortgage. Pre-approval is a little | | | | applying for a mortgage loan, or you |
| different, and usual doesn't happen | | | | risk the chance of being turned down. |
| until you know the exact home you want. | | | | So if you are wanting to begin a home |
| A bank then asses's the value and | | | | search, contact a mortgage loan officer |
| condition of the home as compared to the | | | | for help and get pre-qualified first. |
| asking price, and this contributes to | | | | |