TIP #2 SHOP FOR A MORTGAGE BEFORE YOU SHOP FOR A HOMEGetting a loan preapproval is the smart way to shop for a home. It tells sellers you are a serious prospect, and you know in advance the maximum mortgage that you can afford. Make sure you get a commitment in writing. I've seen too many buyers make the mistake of learning what they qualify for but not getting the preapproval in writing.
The good news is that it's easier than ever to qualify for a home loan. Lenders have modified qualification rules and created programs designed to help people even if they have problems in their credit or employment histories. Many programs call for dramatically reduced down payments, the biggest obstacle for the first time home buyers in particular.-
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Bryan VogtStrano & Associates, Realtors® - GMAC Real Estate
(618) 355-5824
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# posted by
Bryan Vogt @ 2:22 PM