Then, find out what programs are offered and if the rates are competitive.
Ask the mortgage pros what you need to improve in preparation for your purchase (assets increase, debt reduction, credit score improvements, collecting documentation, getting gifts from family members etc.)
If you are in "ready" shape (which most buyers are not), check out 3 different types of lenders:
a large bank, a mortgage broker and a credit union.
Each has different programs/rates to offer - this way you pick the best option for yourself.
This is when your credit scores come in handy (those that you only pulled once).
As you are finding out about the programs, ask for a preliminary Good Faith Estimate (GFE) to see who is charging more for their mortgage programs.
Stick around on Trulia as you go along!
Best of luck,
CDPE - Certified Distressed Property Expert
Beachfront Realty, Inc.
The process to get preapproved can be started immediately with the bank you currently do your banking with. Other suggestions would be to talke to friends, family and co-workers that have recently pruchased a home and they can provide you with the name of the loan officer that they worked with, this is usually a good source to turn to. If for example, you are a veteran you can also use USAA or Navy Federal Credit Union, as they have great rates and quality service. One word of caution is that you do not want to allow several lenders to check your credit as it will affect your credit score. You will want to ask the loan officer's what their current interest rates and fees would be and you can additionally ask them to provide you with a Good Faith Estimate of their costs and fees and this will allow you to also compare the rates and fees between several lenders. Good luck in your process and once you have your pre-approval you will be able to fully be in the search for your new home.
RE/MAX Advance Realty
Your can be pre-approved by a loan officer/mortgage broker.
I have a list prepared which I will be happy to forward to you at your request.
If I can be of further help, please feel free to contact me.
You can get per-approved by a lender/mortgage broker. They will look into things like employment history, income, debt, credit score......
It is essential to be per-approved before making an offer on any kind of property.
Please let me know if I can be of further assistance.
6301 NW 5th Way Suite 4500
Fort Lauderdale, FL 33309
Toll Free: 877.301.7912 ext 1100
Local: 954.626.6400 ext 1100
Gold Star Company Portfolio
If you are looking to buy in the Dade or Broward county areas of Florida then feel free to give me call. I would be happy to assist you further, good luck!