Posted by Peggy Farber on 12/14/2016

If you are really serious about buying a home, you need to get preapproved. This shows the sellers that you are ready and willing to take the next step and that you are not just out there “kicking tires”. The process to get preapproved is lengthy and starts at a lenders facility. Your friends or relatives may have suggestions as to which lender is their favorite. Word of mouth is always a good way to find a lender. Once you make the decision and chose a lender, you will be asked to complete a mortgage application. In addition to the application, you will need to provide various financial documents. The lender will do a thorough investigation of your financial history. Once the lender completes this process, you will be told exactly how much the lender is willing to loan you and at what interest rate. This number ensures you are shopping in the right price range. Being preapproved also allows you to move quickly when the time comes to make an offer. If the home is something you really want to purchase, you will not have to scramble for financing as you will be preapproved and ready to go.