Get your lender pre-qualification before you start searching for a home

Securing a mortgage loan isn't as simple as it was just a few years ago. Due to stricter guidelines, there can be several factors that need to be met in order for a buyer to qualify for a loan. This is why I always suggest that buyers speak with a mortgage professional as soon as they begin to even consider purchasing a home. There may be a variety of things that need to be in place before you can qualify. For example, a buyer may need to show that they have had enough funds for down payment and closing costs in their account for a certain amount of time and must have some sort of proof as to where the money originated from, if gift funds are not acceptable per the mortgager's requirements.

As I mentioned, it's always best to get all of these things aligned before you search for a home. If you don't, you may stumble upon your dream home but not have the ability to make an offer with out a lender pre-qualification!
  • June 10 2011 - US
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Be prepared is good advice.  Or better yet save up enough cash....
  • June 10 2011
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