Before you even start looking for a house, there’s a step you should take to let sellers know you’re serious: Get prequalified or preapproved for a loan.
That means you’ll have to find the right lender and the right loan for you. It’s not as simple as walking into your current bank and applying for a loan, though you should ask questions about the mortgage options available at your home bank.
Finding a mortgage requires a little research on your part, and we love the tips outlined here by The Mortgage Reports.
First, get a list of banks. Get recommendations from family and friends, or crowdsource ideas from the people you’re connected to on social media.
Once you have your list, go to the companies’ websites and get quotes. You’ll want quotes from multiple banks so you can compare them. You can usually get these quotes online. From here, The Mortgage Reports suggests calling the lenders with the most competitive offers and asking some questions:
- What mortgage product would they recommend for you and why?
- What is their process? Is it down in-house or outsourced?
- How do they communicate with their clients? How available will they be to you?
You should also check the lenders’ reputation on websites like Yelp or the Better Business Bureau.
Find The Mortgage Reports complete list of tips here – as well as a great description of the different types of mortgage companies.
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