Ways To Get Preapproved And Prequalified As A First Time Home Buyer

By Alexandria P. Anderson

Are you aware that choosing the right loan for your ideal property is a crucial step in any homebuying activity? Before you get prequalified and preapproved to loan for your new home, you need to keep in mind several measures and have to make sure your credit report is sufficiently examined. A common practice among prospective lenders is scrutinizing the loaner's credit report and other financial records; as you go through loan prequalification and preapproval - secure your free credit report from a major credit bureau so you can check for any errors.

There are cases when errors or mistakes happen and if this is the situation, better have your records cleared up, likewise, compile all your communications with credit bureaus and lenders as references. If you have finished all these tasks, its time to factor in this important ideas and tips in the loan prequalification and preapproval for you to buy your new property:

1. Do a research on various mortgage program via the Internet. There are many online resources where you can actually see the lists of current interest rates for various loan packages such as LendingTree.com and Bankrate.com. An initial step would be to look at some options or better yet, submit your personal information for sample or preliminary review. In just a few days, a loan representative may communicate with you and guide you along the way.

2. Visit and seek the help of your local bank. The best authority from your area bank to ask help from are mortgage officers in case you want to get a prequalification letter or preapproval status. This may take some time to accomplish compared to the online process, according to Ilyce Glink, author of '100 Questions Every First Time Home Buyer Should Ask'. But if you are the type of person who find it easier to get things started going to the bank and talk to a representative in person, this may be what you need. The same kind of service is provided.

3. Transact using the telephone. Related prequalification services are also provided over the telephone by some lending companies, and you don't have to visit a bank or browse the Internet to begin. Secure the number through a bank or financial institution and from there, you may start sending yout personal details over the telephone.

4. Go for a national lending institution. The benefit of opting for national lenders like Countrywide home loans and Bank of America is that it can give you more alternatives for your future loan because they offer both online and telephone transaction for prequalification and preapproval. Information about the latest rates can be found in their websites, so it's easier for you to submit information and get loan prequalification.

5. Try an aggregator website. If you can't decide between different banks or financial institutions, use an aggregator site that compiles rates and services from multiple lenders and only requires you to submit your information once. After the information is submitted, you can select the best package from several different options.

Getting prequalified and preapproved for a home loan is the first important step in home buying. Use any of the above resources to get the process started and get the best rates for your future mortgage. - 23196

About the Author:

Author: Alexandria P. Anderson specializes helping people to find and purchase St. Louis Park homes for sale in Minnesota, as well as Saint Louis park condos for her home buying clients.