shopping for home loan

Mortgage Preapproval Benefits

Sometimes buyers wait until they've found their dream home to apply for a mortgage. But it's better to get preapproved for one ahead of time. Preapproval will:

  • Make you a more attractive candidate to sellers.

  • Give you a realistic understanding of how much house you can afford, so that you don't waste time, energy, or emotion on a property that's too expensive.

At closing, the terms of your home loan will be documented in either a mortgage or a deed of trust, depending on the state in which you live. In the next module, we'll look at how to locate the right home for you.

Continue to "Finding the Right Home"