While the decision to purchase a home is exciting, sometimes this excitement can blind prospective homebuyers to the realities of applying for a mortgage. Many individuals are tempted to rush into the purchase process so they can finally arrive at their dream home—but this can be a costly mistake in more ways than one. In order to receive the best home and the best mortgage rates, it’s important to practice patience and caution during the application process.
Budget and Pre-Qualification
One of the most important steps to take when embarking on the mortgage application process involves working out a detailed budget. Take the time to sit down, itemize your income and expenses, and decide exactly what you’ll be able to afford. Once you’ve done this, contact a bank or lender to complete a loan pre-qualification process. This will give you an idea of what kind of mortgage you’ll receive based…
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