Candace Carlson
Windermere Real Estate/ S.C.A., Inc
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Daily Tip #2
Posted on January 4, 2010
Tip #2
Shop for a mortgage before you shop for a home.
Getting a loan approval is the smart way to shop for a home. It tells sellers that you're a serious prospect, and you know in advance the maximum mortgage you can afford. Make sure you get a commitment in writing. I've seen many buyers make the mistake of learning what they qualify for but not getting that preapproval in writing.
The good news is that it's easier than ever to qualify for a home loan. Lenders have modified qualification rules and created programs designed to help poeple even if they have problems in thier credit or employment histories. Many programs call for dramatically reduced down payments--the biggest obstacle for first time home buyers in particular.
