Mortgage Financing 101
In today's busy real estate market, it's imperative that homebuyers have their financing in place before beginning the task of house hunting. Because it's a seller's market and properties are in strong demand, home sellers can be a lot more picky about the offers they receive from prospective homebuyers. For example, if both you and another buyer offered the same price for a home, but your competitor had a bank approval letter accompanying their offer, whose offer do you think the home seller will chose? Even if your competitor's offer was for a lesser amount, their offer might still look better to the seller because of the bank approval letter.
Aside from just making good business sense, there are many more reasons why you should first visit a lender before you begin looking for your dream home. To help you on your way, I've included several mortgage calculators for you to use (you'll need to disable any popup blockers in use).
Home Loan Calculator - Estimated Monthly Payments
Affordability Calculator - How Much Home Can You Afford
Home buying can be a very enjoyable experience if you're prepared, and having a knowledgeable real estate professional guiding you is a must! Your lender will more-than-likely ask you to bring in the following information, so here's a list to help you on your way.
