You can look and dream all you want, but the fact of the matter is that a home mortgage is usually what separates most buyers from homeownership. It is very important to have a firm understanding of the mortgage process before you dive into a home search for a St. Johns County property. And to do so you need to go through a specific process. Here’s how it usually plays out:
- A trip to a lender – Before you even begin looking, there are two things you need to find out: (1) if you can be approved for a loan; and (2) how much of a loan you qualify for. A qualified lender can help you figure out both of these things, so it is important to head straight to a lender before doing anything else. Once the lender has pre-approved for you for a loan and a loan amount, you will walk away with a great deal more information and a preapproval letter in your hand.
- A search for the best rates and loan programs – Not all lenders and loan programs are created equal, so it is important to do your homework and learn about loan programs for which you may qualify, and certainly the current mortgage rates. Although you can make phone calls to several lenders, it is usually much easier to view the latest rates online. Most lenders update their rates immediately on the Internet, thereby allowing you to view the most recent changes to home loan rates.
- Lock in a loan program and rate – Most lenders will allow you to lock in a home loan rate for a specific period of time while you search for a home. This will help you tremendously, as you can search for homes that meet your price range and criteria on your own time without fear of rising interest rates.
Posted by Carey Frankel on
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