The first step in buying a home is pre-qualification for financing. Pre-qualification is not a full mortgage approval, but a basic estimate of what you can afford in a home loan. Along with the down payment available to you, the loan amount will determine what price range will work for you. Pre-qualification is sometimes confused with pre-approval, which is a more comprehensive analysis and commitment of a loan program for a buyer. Pre-qualifying helps you identify and resolve any issues you may encounter in your application.
A mortgage is the loan a potential homebuyer needs in order to makeup the difference between the down payment and the purchase price of the home. There are a variety of mortgage programs available, with adjustable time periods and financing options. It usually takes about 30 to 45 days to process a loan application. The actual time depends on how promptly the lender can get an appraisal of the property, a credit report, and verification of employment and bank accounts. Most loans will require a buyer to provide verification of income, assets, and long-term debt.
As partners with New Fed Mortgage, CENTURY 21 North Shore makes the home buying process easier, faster, and more convenient by pre-qualifying buyers. New Fed Mortgage is both a mortgage banker and mortgage broker, whose primary focus is to provide superior products and employ the latest in communication technology to ensure the very best financing experience. We guarantee our service by offering the best response and best services.
Contact CENTURY 21 North Shore for more information.