Once you've secured a Realtor to represent and guide you through what will likely be the most significant financial transaction of your life, the next step in buying a home is to get preapproved by a mortgage lender. As Realtors, we won't submit an offer on a home for a client unless they've been preapproved. Moreover, it's crucial for you to understand how much you can comfortably afford to spend on a home, your projected monthly payments, the interest rate you qualify for, and your monthly tax obligations. Here’s a fantastic booklet that simplifies the mortgage process, which we highly recommend all buyers read before applying for a mortgage.
Having a reputable mortgage lender is vital for ensuring a smooth transaction. Working with a subpar lender can turn the process into a nightmare for everyone involved and jeopardize your ability to close on time—or at all. You might also regret your lender choice for years if you end up paying a higher interest rate than necessary or miss out on your dream property due to lender disorganization during underwriting, among other potential issues. That's why it's crucial to work with the best. Here are lenders that I recommend (link). Get the list of documents your lender might request to get you pre-approved HERE.
