Why First-Time Home Buyers Should Get Pre-Approved for a Mortgage
Being a first-time home buyer can be both exciting and extremely stressful! Where do you start? What’s your budget? Where do you apply for a mortgage? Who is the right lender for you? All these questions can overwhelm a buyer when you’re looking to secure your first mortgage.
What’s the first step for a first-time home buyer?
The first thing you’ll need to determine before you begin searching for a home is your budget. How do you determine your budget? The best way is to become pre-qualified or pre-approved for a mortgage. A mortgage pre-approval is an assessment by a lender that determines if you can qualify for a home loan and how much you can qualify for.
The process entails providing some simple documents to verify your identity, your current finances, and your financial history.
In the past, the process of shopping for a mortgage has been long and stressful. Traveling from office to office, meeting with lender after lender, just to provide the same documents over again.
Thanks to My Mortgage Auction’s new online mortgage application and secure technology, shopping for a mortgage is done in minutes!
When should I get pre-approved?
Waiting too long to get pre-approved for a mortgage a common mistake made by home buyers. Home buyers often wait until they’ve found the home of their dreams before they even consider qualifying for a mortgage. A small problem with your credit history (that could easily be solved) or a hiccup with your application could cause you to lose out on the home you were after.
We recommend getting pre-qualified well before you consider shopping for home. You’ll know exactly what your budget is and if there are any issues with your credit history, or your current finances you’ll have a chance to fix them before it’s too late.
How do I get pre-approved?
At My Mortgage Auction we connect first time home buyers with local lenders through our online mortgage auction.
The process is simple, our online application allows you to securely store your documents, fill out the necessary fields, and submit your completed application to many local lenders all from your home. The process can be completed in minutes and one of our team members will help you through your application.
You can review the offers you receive from local lenders and choose the one that suits you best, or walk away with absolutely no obligation.