Few people can buy a home for cash, which means virtually all buyers – especially first-time home buyers – require a loan. Before even looking at properties you should talk with a lender and get pre-approved. This important first step will confirm your finances are in order and show you the appropriate price range to search. With today’s historically low rates and recent market correction in price it is the opportunity of a lifetime to purchase a new home.

Click here to see the 30-year mortgage rate history.

Get Pre-approved not Pre-qualified.

“Pre-qualify” is a preliminary assessment of your ability to pay for a home. There may or may not be a credit check.

“Pre-approval” means you have met with a loan officer and your credit files have been reviewed. The loan officer shows you one or more specific mortgage programs and based on this information, the lender will provide a pre-approval letter, which then shows your potential seller your finances are in order.

“Certified Pre-approval” goes one step further and means your finances have been verified. Your home purchase should only require the properties appraisal and title cutting down on the time required to close.

Although not a final loan commitment, the pre-approval letter should be shown to the seller when writing an offer on a house. It demonstrates your financial strength and shows your seller that you have the ability to go through with a purchase.

Get Pre-approved now and take your first step to finding a new home.