| Get pre-qualified for a loan first |
Get pre-qualified by a reputable mortgage company prior to beginning to view any homes. The mortgage company will figure out the amount of loan you would qualify for based on your income and debt ratio. When you are pre-qualified, you should receive a document stating the amount you are "pre-qualified" for.
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*A pre-qualification letter IS NOT the same as a mortgage commitment |
The true mortgage commitment happens after there has been an accepted purchase offer and when the terms of the financing are acceptable by the mortgage company. The mortgage company then offers a written mortgage commitment telling you the mortgage price you will be paying, if there are any conditions etc. For more info. on what to bring along when visiting the Bank or a Mortgage Broker, see our Mortgage Documents section
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| Other necessities prior to viewing homes |
Begin previewing homes online, via e-mail attachments or in our office, pre-qualification is always the first step in the process in order to avoid common pitfalls - see the "Reasons for Getting Pre-qualified" section. Also be sure to check our FICO scoring section to see how much emphasis this scoring has upon you obtaining a mortgage. * All information is considered to be accurate; but not deemed to be guaranteed. |