7 Tips for Getting a Preapproved Mortgage
During the height of the real estate boom, getting a mortgage was as easy as picking out a new coffee table for the living room. Now, home buyers have to jump through rings of fire before they can sign on the dotted line.
Today, the first step in landing a home loan is obtaining a letter of preapproval. This means a mortgage lender has verified that you’re approved for a mortgage of a certain amount over a fixed timeframe.
Preapproval letters are prepared even before you’ve picked out your home. They remove some of the uncertainty in the home-buying process. In the current housing market, real estate agents and sellers won't want to work with buyers unless they have one.
Read the rest of the SmartMoney.com story.
Today, the first step in landing a home loan is obtaining a letter of preapproval. This means a mortgage lender has verified that you’re approved for a mortgage of a certain amount over a fixed timeframe.
Preapproval letters are prepared even before you’ve picked out your home. They remove some of the uncertainty in the home-buying process. In the current housing market, real estate agents and sellers won't want to work with buyers unless they have one.
Read the rest of the SmartMoney.com story.
posted by Mike at
12:27 PM
