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Seek Pre-approval And Plan Your Mortgage! Posted By: Ben Brashen Once you have decided to be a first time home buyer Redmond or first time home buyer Renton first time home buyer that requires a big amount then the next step would be to get the pre-approval as well as plan the mortgage. But before you start to apply for the loan or any such thing it is better that you understand the procedure of the pre-approval as well as how it differs from the pre-qualification. The term pre-qualification refers to the procedure through which income, existing debt, savings, length of employment, etc. are analyzed to determine your loan eligibility. The term pre-approval refers to the written documentation that shows you have the support of a lender who is willing to finance you. It means your loan application has been reviewed by an underwriter Depending upon your income, debt ratio and savings, the underwriter provides the amount you are eligible to borrow. Now you can shop around for houses that fit into that loan amount category. One thing that you really need to pay attention to is that the lender you choose is the one who understands your needs and requirements.first time home buyer Redmond first time home buyer Renton first time home buyer Redmond What Do You Need To Remember While Purchasing A House For The First Time? Posted By: Ben Brashen As a seattle first time home buyer, you are worried about many things. Yes, all this starts with the filing of your loan application. You actually sit and think whether your loan application would receive approval or not. After you apply for a loan, the application is sent to a lender for review. First of all, the lender assesses your ability to repay the loan you are requesting for. The lender wishes to have a crystal-clear picture of your personal financial status. This includes your credit history, employment stability as well as savings. In addition, the history of your co-borrower is also an important factor. Moreover, the lender also needs to consider the appraised value of the house you wish to purchase as well as the loan amount. However, you might be surprised to know that the loan application of every applicant does not receive approval the first time. If the lender has any concern or queries, s/he would require that some specified conditions are met before the loan is approved. Apart from all this, the pre-approval of a loan before you start searching for a house helps you know the exact loan amount you can borrow in advance.seattle first time home buyer redmond first time home buyer seattle first time home buyer 相关的主题文章:

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