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Making Your Mortgage Easy
By Sheryl Landrum
CMR Columnist
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Getting pre-qualified and pre-approved for a mortgage loan is always a smart idea before you head out to purchase a new home. Not only will you be more secure in the home purchase and resulting mortgage loan costs, but you can gain a definite advantage as a homebuyer, since the seller will know that you are not a financial risk. So what are the steps for becoming pre-approved and qualified for a new home loan?
Your first step should be a call to a trusted lender or mortgage broker. Your mortgage broker will take your application and run a credit report to determine your income, your assets, and your debts. In doing so, your mortgage broker can counsel you on how much of a home loan you can qualify for and advise you on the payments you can expect. With this information in hand, you will know exactly what your price range should be.
Your second step is to get a pre-qualification or pre-approval from your mortgage broker. Once you've qualified for a mortgage loan amount, have your mortgage broker write you a pre-qualification letter to give to your realtor. Your realtor will submit the pre-approval with your home purchase offer; buyers with pre-approval are usually favored by sellers.
Getting pre-qualified for a mortgage loan is an easy process and can make a big difference in getting the house of your dreams. Call your mortgage broker today and set an appointment for your next home purchase.
About the Author
Sheryl Landrum is a senior loan officer with First Capital Mortgage of San Diego, California.
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