Make sure your “financial house” is in order before you shop for a real one.

Know the Debt-to-Income Ratio and Credit Score for all prospective borrowers.

These numbers and the percentage of your down payment go a long way

toward determining the interest rate lenders will offer you.

Compare more than rate when shopping for a lender. You should shop for your

lender just as you’re going to shop for your home. Look for a lender responsive

to your needs. Be sure to identify as many costs and fees as you can so that

you can properly compare.

When you find a prospective lender, get a Pre-Qualification Letter. It puts you

in a better negotiating position with the seller when you find a home you like

since you can make a firm offer and represent less uncertainty than a buyer

who has yet to be approved.

Next Post – Part 2 – From Mortgage Application To Closing