Pre-qualification by a lender is one of the first steps toward making your move a reality. Once you're pre-qualified, you'll know exactly what price range you can afford and learn about and resolve any errors on your credit report right away. Then, once you find the home you love, you will be able to take action quickly, get financially pre-approved for the specific property, and make an offer.
You'll want to find a professional you feel comfortable with, shops the best interest rate for you, and sees you through the mortgage process start to finish. Therefore, it is important to understand the difference between a mortgage banker and a mortgage broker.
A mortgage banker is the local lender who would handle your entire loan start to finish. They are the ones pulling your credit report, issuing you a pre-approval letter, and handling the entire loan process start to finish. However, they only have a handful of products to offer you. A mortgage broker performs these same tasks for you, except once they qualify you and gather all of your info, they match you with an actual lender to process the loan forward. Their primary role is to shop around and find the best deal out there for you, which can save you money. My philosophy is to choose a mortgage broker, but make sure they are local and come highly recommended. It will be crucial to have the the many loan options available that a mortgage broker can find, have a way to easily meet with the broker in person for when you have questions or concerns, AND have the broker available to you until the loan is closed.
My clients have benefited greatly from my local mortgage broker resource. Most of the time we arrange for a convenient consultation all together. Connect with me for that highly recommended and local preferred lender resource you need, and let's get shopping!
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