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How to Get Mortgage Prequalification While You Start Your Search

How to Get Mortgage Prequalification While You Start Your Search

Mortgage prequalification can help speed your home-buying process.

how to get mortgage prequalification while you start your search

Have you considered pursuing mortgage prequalification while you start your search for a home? Once you make the decision to buy a home most people know they need a mortgage.

The only place to start with prequalification for a mortgage is to look at your credit rating. If it is less than great, start working on it. Money is always around to borrow. However, if credit scores are not good, this opens you up to predatory lenders with interest that might wreck your finances for years to come; research mortgage companies and banks.

No loan is a one size fits all. Decide whether you want a 30 year mortgage a 15 year mortgage and what kind of terms you want to commit to.

Once you have done some research that helps you understand the terminology, settle on what you can honestly afford to pay each month, understand the APR factor, then, you are ready to talk to a lender about prequalification for a mortgage.

How to get mortgage prequalification while you start your search?
Take the basic lending paperwork to a mortgage company you trust. You will need ID, social, bank account; the average loan materials. A steady job is understood and honest disclosure of any income or outstanding debts.

Work with one agency at a time. Too many credit inquires will bring your credit rating down, so be careful. Once you have the prequalification in hand your home search will be well on its way.

Call the mortgage prequalification experts at Midland Mortgage Corp. today for help: 803.765.1680, or toll–free at 800.854.9484.

Posted May 30, 2013 by Midland Mortgage Corporation