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April 11, 2012

Buying or Selling a Home

Financing a Home Purchase

Should I pre-qualify for a loan?

If you are unsure about your price range and, especially, if you are a first-time buyer, pre-qualifying for a loan can help smooth the purchase process. You will know exactly what you can afford and avoid the disappointment of being unable to buy the home you thought you could afford.

To pre-qualify for a loan, you will need to go through most of the steps entailed in applying for the actual loan. If you decide to pre-qualify, be sure to do so through a loan originator, that is, an actual lender. A mortgage broker, who brings together borrowers and lenders, cannot pre-qualify you for a loan.

>>How much money will a lender provide for my home purchase?
>>What do I need for a down payment?
>>What will I need for closing costs?
>>Should I pre-qualify for a loan?
>>I want to buy a home but my credit history is poor. Is there anything I can do?

Practical Law Home | Buying or Selling a Home | Basics of Buying a Home
Basics of Selling a Home | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
The Purchase Contract | *Financing a Home Purchase* | The Closing | The Fair Housing Act
Where to Get More Information