Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.

When to get Qualified for a Mortgage

Should I get qualified for a mortgage before looking for a new house or find a house I like and then get qualified? You should absolutely get pre-qualified for a home loan before house hunting. By getting qualified first this will allow you to know how much house you can afford and how much of a mortgage you can qualify for. Also, most realtors will want to see a pre-approval before they start showing you houses, and the listing realtor will definitely want to see a pre-approval before yaccepting a bid on a house.

Many home shoppers will spend weeks shopping for a new home. For shoppers that start their search on the internet, most look through MLS listings online and do reasearch for 4 weeks before contacting a realtor. At that point, most of those sign a contract to buy a home within 2 weeks of contacting their realtor. Those contracts usually demand closing withing 2 to 4 weeks. This is when a lot of those home shoppers typically contact a mortgage professional, especially if their real estate agent is inexperienced.
If anything goes wrong, such as an error on a credit report or inability to find documantation about income or assets, there can be a lot of stress and panic for the home buyer. If they had started their mortgage search at the same time as their home search, they would have had 6 weeks to get everything together and completed. That also means less stress and a better chance of getting your home purchase closed on time.

In a fast moving market, being pre-approved for a loan can mean the difference in getting or loosing the home you want. If a seller has a choice between two competing offers they will typically accept the offer from a pre-approved borrower rather than taking the chance that borrower #2 may not get approved for a loan.

There is usually no commitment on your part to get pre-qualified. In most cases, you don't even need to provide personal income documents. Of course, the more documents you furnish to your mortgage broker, the better and more accurate your pre-qualification will be. If you provide your mortgage broker with income and assets documentations, he/she can get you pre-approved from a bank, which is basically a loan approval, pending the information of the home and the appraisal.

Definitely begin the process as early as possible with your mortgage broker. This will give you a nice clear picture of what you can afford and what the process will be once you find your dream home. The sooner you begin with your mortgage broker, the sooner you can move through the loan process once you find your home!

Giving yourself time needed to save up for a down payment, improving your scores, and moving balances on accounts is imperative to a successful home loan transaction.

If you are looking to do a cash-out refinance, remember that there is a 3 day right of recission. When you know that you will be needing the money by a certain date, then it would be a good idea to apply for the mortgage a month or two ahead of time. If you have bad credit, you should receive a copy of your credit report, in order to allow enough time to boost your scores. You should always allow a little bit of extra time, just in case there is any sort of problems during the loan process.

It's actually not a bad idea to start looking into being qualified as much as three months before you plan on purchasing a home. That way, if there are any credit issues that you were not aware of, there is a good chance you will have time to address them before the purchase.

If you have an Adjustable Rate Mortgage(ARM) Loan, and the fixed period is will be expiring soon. You should look into becoming qualified for a new mortgage loan at about three months prior to the fixed period's expiration.

It is a great idea to get pre approved before you start to look for a new home so you know how much you have to finance. With todays many 100% purchase programs a down payment is becoming a thing of the past for many people. But with no down payment the amount you can afford to finance will go down.


If you have any questions regarding our products, you can contact us by calling or e-mailing us and we'll get back to you as soon as possible. Thanks!



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