Getting a mortgage for your next home starts here.
When you first start your home search, It is key you first speak with a local loan officer. They can help guide you with what type of loan to use, down payment needed, monthly payment, and ultimately giving you an idea of what price range you should be shopping.
Interest rates are always changing. Based on what the rate is, your buying power can go up or down. The very first step in the home buying process is having a discussion with a local lender to get your initial pre approval done. Once you know where you are with things, you can sit back and watch the market for however long it takes to find the perfect home, even if it takes 6+ months, once you see a house you really want to make an offer on, a quick call to that local lender can get your pre approval back up to date in a matter of minutes, as long as you have had no major changes in employment, or expenses.
Did you know Your pre approval letter is attached with the contract when you send an offer? Ideally your local lender will customize your pre approval letter to mirror your offer, for example if you plan on offering $450K on a home, your pre approval letter will show that you are qualified for $450K. Larger banks like sending you a letter showing what you are approved up to. Do you really want to offer $450K on a house when the listing agent and seller can see you are approved up to $550k?
Your Loan Officer and Real Estate Agent work together throughout the entire process of getting you into your next home. The loan officer starts the process by figuring out the correct price points to focus on. Once you are under contract they work directly with you to get your loan funded so that settlement can take place. Your Real Estate Agent helps track down your ideal homes, setup showings to view them in person, writes the contract as with any addendums and helps you with the entire transaction up until the day of settlement.