Understanding the Typical Mortgage Lending Process
Mortgage lending can be a complicated and overwhelming experience if you're not familiar with how it all works. So this week, MHQ Mortgage HeadQuarters is sharing with you the typical steps of the mortgage loan process so you know what to expect for your next home purchase at the Lake of the Ozarks. Take a look: PRE-APPROVAL One of the very first things you should do when you decide to purchase a home, is to get a loan pre-approval . This will help to determine an estimated loan amount that your lender is willing to loan to you. Not only will this help give you a budget baseline to work with, but it'll prevent you from looking at homes outside of what you can afford. Pre-approvals also let sellers know you're a serious buyer and not just window shopping. Remember: A pre-approval and a pre-qualification are NOT the same thing! While a pre-qualification may give you an idea of what a lender may loan to you, it is a very general estimate and does not hold any weight...