It’s important to have the method of payment for your home purchase secured before falling in love with your dream home. There is nothing more heartbreaking than finding a great home, only to find out you can’t qualify to buy it.

Some buyers will have the capital to purchase a home outright, but the vast majority of home owners choose a mortgage payment plan to finance their home purchase.

Mortgage applications are generally handled in a two step process, the first being the mortgage applicant evaluation and the second being the subject property evaluation.
Individual mortgage applications can be submitted online, over the phone, or in person. Once your identity and employment information have been verified and your permission is accepted to check your credit history search, the intake coordinator or mortgage specialist should be able to provide an estimated budget on the spot with an official approval following in 1 to 2 business days.

Lenders have gone the direction of “brokering” mortgages, meaning even if you don’t choose to work with a mortgage broker your lender may choose to work with you through one. Instead of you working directly with your lender or a mortgage broker of your choosing, you would be deferred through a mortgage broker of the lender’s choosing.
Typically, the lender will issue a prequalification and rate commitment for up to 120 days. If you don’t have a home under contract to purchase within that time you would need to submit a new or updated application.

Some buyers are under the assumption a prequalification is a guarantee of financing—that they will automatically have access to the maximum loan value they were prequalified for, even if they select a property with a lower value than their prequalification.

technically a mortgage is not a loan it’s a secured investment against your property by your mortgage provider but obtaining mortgage financing to purchase a home comes down to a combination of both the applicant’s financial ability to carry the loan payments and the security of the property as a sound investment for the lender.

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