Congratulations, now that you have increased your credit score, it is time to shop for a mortgage lender. A mortgage lender is the person that will assist you with obtaining a loan to buy a home. Understanding the features and requirements of each major mortgage program can help you figure out which one is right for your situation.
Which mortgage is right for you?
Compare rates from multiple mortgage lenders
Speak with a mortgage lender to determine if they offer the types of loans you want and/or have a loan product that fits your needs and wants. Also, discuss the rate(s) they are offering on the loans and keep in mind that the rate quote you see is an estimate. A lender will have to pull your credit information and process a loan application to provide an accurate rate. However, the actual rate can not be locked in until you find a home.
Once you have received information from various lenders, narrow the list by considering the following:
Get a Pre-Approval
A pre-approval is a letter from a mortgage lender that shows how much you’re qualified to borrow. This can help you set a home buying budget and strengthen your purchase offer when you find a home you want to buy. To get pre-approved, you’ll have to provide information about your income, debts and assets. Lenders typically require:
The Hennigan Realty Group has multiple preferred lenders that offer various mortgage products and they work with down payment assistance programs. Give us a call at 832-305-5903 or 623-4MYHOME for more information regarding our preferred lender referral partners.
The Hennigan Realty Group blogs are a collective of information, experience, and expertise of the Hennigan Realty team. We have kept the information shared within the blogs general to provide foundational information that each person can build from. We are aware that everyone's real estate experience is unique and there is not a one-size fits all when it comes to buying or selling property. If you would like to gather more in-depth and specific requirements for your wants and needs, reach out to us directly.