By Joe Karakas
When you go shopping for that first time home buyer mortgage loan, one option that is recommended is to see if you can get a pre-approval. What this means is that you will discuss your financial situation with your banker or mortgage broker, and they will give you a pre-approval for a mortgage. Essentially, they are telling you how much of a mortgage they will finance for you. This will ultimately make your first time home buyer mortgage loan a faster, easier, and simpler process. Before you even go house hunting, you will know what price range to look in, as well as how much your monthly payments are going to be. Some banks may even allow you to lock in the interest rate at the time of pre-approval. This means that if the interest rates change while you are looking for a home, you are protected through your locked in rate.
Before you go for your pre-approval however, make sure you have read the article “Know your Mortgage Credit Score if You are a First Time Home Buyer”. If you have a clean credit record, then getting your pre-approval will not only be faster, but you may qualify for a larger first time home buyer mortgage loan.
Obtaining a pre-approval for your first time home buyer mortgage loan offers many advantages. You will save time looking for a home because you will know exactly what price range to look in. The negotiations you will be making with realtors and sellers will be much smoother because pre-approved first time home buyer mortgage loans take the uncertainty out of a buyer’s offer on a house. You will also have a lot less hassle. Closing details will proceed much faster, as will appraisals of the new home.
You already have enough hassles when you are shopping for your first home. Make your first time home buyer mortgage loan process that much simpler by obtaining a pre-approval. You’ll be glad you did!
| Articles on first time home mortgage loan and first time home buyer mortgage can be find at our website. Author have over 6 years experience in the real estate and insurance field. Before you make any financial decision seek a professional advice! Article Source: http://EzineArticles.com/?expert=Joe_Karakas |
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