REAL ESTATE 101 - Mortgages

Before you embark on your housing search, visit or contact your local mortgage office and get a pre-approved mortgage, especially if you're a first time buyer. A pre-approved mortgage lets you know how much money you qualify for, so when you're looking at houses, you will know what you can afford and can shop in comfort. When you sit down with your lender or his agent to pre-qualify, it's a good idea to review all your questions at that time.

Having a pre-approved mortgage allows you to know how much you can borrow, the payment schedule you will be required to meet for that amount of borrowing, which enables you to determine the price range you can purchase in given your financial condition.

A pre-approved mortgage also shows sellers and real estate agents that you are a serious buyer and you may receive better service because of this.

This information is intended as a guide for those interested in finding a real estate agent to assist them with the purchase or sale of a home. It is not intended to solicit services from those who have already signed listing agreements with a licensed Realtor or to act as legal advice. It is always best to take your questions to a licensed real estate professional in your local area. Find respected agents in your area at mostreferred.com. Most Referred Real Estate Agents® and REALTOR® are registered trademarks of their respective companies.