One of the most important steps in the house-buying process is securing your financing. This is one of the first things that you should work on, so you know what price range to be shopping in. One of the easiest places to start is with your local bank, or the bank you currently have a checking or savings account with. Once you fill out a loan application, they will pull your financials, run your credit, and then meet with you to go over your loan options. There are many different types of loan products available to buyers now, and being able to sit down with your loan officer to go over your options and ask them questions is very important.
Various types of loans have different requirements, different down payments, different inspection process and a varying range of closing costs. Comparing the options with each loan type will help ensure you are getting the best deal for your long-term investment.
Here are some helpful articles to read prior to buying a house that might help make the loan process easier:
What Type of Mortgage is Best for You? http://www.zillow.com/home-buying-guide/types-of-mortgages/
Is Getting Pre-Approved for a Home Loan the Same as Pre-Qualifying? http://www.zillow.com/home-buying-guide/mortgage-pre-approval/
Boost Your Credit Score to Buy a Home http://www.realtor.com/advice/buy/boost-your-credit-score-to-buy-a-home/?is_wp_site=1
5 Tips For Getting Your Bank Loan Approved http://www.forbes.com/sites/investopedia/2013/07/03/5-tips-for-getting-your-bank-loan-approved/#70c99c842d80
Contact any of our Fretwell & Associates professionals for more information on the lending process and how we can help you through the process!