Now that you have a choosen your Realtor. The next step in the purchase process is to call a lender to get pre-approved. If you don't have a lender, your new Realtor will be able to provide a few recommendations.
Get Pre-qualified NOW (better yet, pre-APPROVED). In today’s uncertain mortgage lending environment, it is critical for buyers to begin the loan approval process before getting serious about hunting for a home.
HOW TO FIND A LENDER
A real estate agent helps you find a house; a lender makes buying (financing) the house possible. As soon as you’ve found a real estate agent to work with, ask him/her for names of lenders to interview. The lender you select can very well make the impossible come true, but can also turn buying your first home into a nightmare. Referrals are VERY important.
Your lender will establish a confidential relationship with you, so make sure you’re comfortable with him or her. Ask for a good faith estimate from few lenders to compare their fees and expenses. Again, responsiveness is important!
Be prepared for the lender to ask for A LOT of personal information from you, from pay stubs, to tax returns, to savings account statements, to 401(k) statements to divorce documents. You might get frustrated during this process, but remember your ultimate goal…
The lender will cover all the different financing options available and what closing costs to expect and more...