Trying to find a mortgage that works for you can be tough. It takes quite a bit of work to find one that will benefit you in the long run, but you have to know where to begin.
How to Get a Mortgage
If you’re in the very early stages of house hunting, make sure you’re really ready to buy a home. Make sure you understand your credit and the impact your credit score will have on your ability to get a mortgage with favorable terms, as well.
Many people choose to get prequalified for a mortgage. All that requires is for you to meet with a lender who will ask about your assets, income and liabilities. They’ll give you an estimate of how much you’ll be able to borrow; that’s incredibly helpful because it helps you narrow your home search based on price.
However, a prequalification is informal. When you’re more serious, you’ll get preapproved for a mortgage. The lender will pull your credit report, verify your information, and confirm that you’ll will qualify for a mortgage.
Sellers are usually more willing to accept offers from people who are preapproved, because it shows that you have the resources to purchase. In fact, a preapproval can make your offer stand out among other offers.
Back to the mortgage, though: once you find a home that you want to purchase, make your offer and wait for a response, you’ll fill out the formal paperwork for your loan. You’ll do this with the lender, who will walk you through the entire process.
As long as you haven’t made any major purchases or suffered a big blow to your credit score between the time you were preapproved and the time you apply for the actual loan, you’ll have smooth sailing.
But first, let’s get you on the path to finding the perfect home in the Sonoma Valley. Call me at 707-869-1884 or contact me online so that i can set up a custom search on your behalf. I’ll be with you throughout the entire process, from your initial search to closing and beyond.
Are You Ready to Buy a Home
Understand Your Credit