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newbuyer
Guest
0.10 Dollars($)
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 Posted: Fri Jun 02, 2006 2:48 pm Post subject: need to decide |
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I am on to buying a house. Is there any probelm if I shop for a house first and then a mortgage?
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 Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1539
Location: MASSACHUSETTS
137.28 Dollars($)
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| Posted: Fri Jun 02, 2006 3:20 pm Post subject: |
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Hi,
A house seller wants the assurance on your part that you have got the financial ability to make the purchase.
You can provide that assurance to him through a mortgage pre-approval statement. This statement shows that the lender is ready to grant you a loan for a certain amount. There is no need to shop for a pre-approval. You only need one pre-approval to convince the seller.
Once the contract of sale is signed then, you start shopping for a mortgage loan. You can shop around and check with different lenders to compare the terms and rates.
You are in no way obligated to take a loan from the same lender who provided you with the pre-approval. To be fair, you must include that lender in your shopping.
So you can shop for a house first and then for a mortgage although ideally I would prefer to shop for a mortgage first as it will make me more confident.
God bless you.
For MortgageFit,
Samantha
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jameshogg
Joined: 20 Dec 2005
Posts: 1514
Location: nevada
210.98 Dollars($)
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| Posted: Fri Jun 02, 2006 3:32 pm Post subject: |
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It's better if you apply for a loan before you shop around for your house. After you get pre-qualified for your home loan, you can shop for a house with confidence as you will know the maximum amount that you can borrow in order to stay within budget.  |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
137.64 Dollars($)
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| Posted: Fri Jun 02, 2006 4:14 pm Post subject: |
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Hi,
When I bought my home, the first thing that I had done is that I tried to figure out what I could afford based upon the various loan programs out there with different lenders? I had a long discussion with the lender who seemed good to me and he explained me on all the options.
After I figured the loan out, I met a real estate agent and it didn't take me too long before I found the house that I liked. Next I had to go through the required processes and finally got an entry to my home. 
So, what I wanted to tell you from my experience is this - go for the loan shopping first, although you can go the other way, and then find a home. One thing that you must keep in mind while you try to judge a lender or a real agent is that you must feel comfortable in discussing all the matters with them and you should get answers to all your queries.
Good Luck.
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