Real Estate News

Benefits of Mortgage Preapproval One of the first things you should do when considering a real estate purchase is to get your financing in order. For most buyers this means meeting with potential lenders to start the process that will determine how much they would be willing to loan to you based on many factors. This process will give you a rough idea of what you can afford so you can remain within those parameters when shopping for a home. When starting the process of obtaining a loan for your real estate purchase it is important to understand the terminology being used. Prequalification can be obtained by providing the lender with some very basic information about your financial status including your income and debts. Based on this limited information you lender can provide you with a pre-qualification which is an estimate of what the bank might be willing to lend to you. While the prequalification doesn’t have as much value as a preapproval it can be issued quickly to s