Getting A Mortgage Loan

A mortgage loan is the first step to buying real estate, and considering that this is a detail that few have enough money to pay for a piece of property without a loan, then you need not feel alone in this process. The first thing to do is find a good mortgage loan officer. The first step is to get pre-qualified. This process is necessary to provide the loan officer with a record of employment, including what your income is. They in turn contact a bank to obtain an estimate of what they would be willing to lend on the basis of income. After pre-qualification, you can really start looking for houses. Know how much you can afford a house, and a Realtor ฎ will take you seriously as a potential buyer, and show you houses in your price range likely. Once you have found a house that you want, you can bid on it but soon you will need to become pre-approved for a mortgage. Pre-approval is a bit 'different, and usually does not happen until you know exactly the house you want. A bank then assess the value and condition of the house than the asking price, and this contributes to their willingness to borrow the money to buy it. The bank will therefore also need more detailed financial information from you, such as pay stubs, tax return info, and your full credit history. This is where bad debt or missed payments will be made for things, and could hinder your ability to obtain a mortgage loan. Another thing that can prevent you from obtaining the loan you want is expensive bills. For example, if you've recently made another big purchase, such as a vehicle entertainment system or expensive, and are in a program of monthly payment, the bank will factor this against his income to determine whether you are at risk of de-faulting on the mortgage loan because of many monthly payments. Even if you are willing to eat beans and rice for a couple of months until you have paid your debt, the bank will not factor that in. It 'best to avoid making a major purchase if you are considering applying for a mortgage loan, or you risk the possibility of being lowered. So if you want to start a search at home, contact a mortgage loan officer for help and get pre-qualified before.