(8) Seek A Pre-Approval
It is one of the most important factors to know before applying for mortgage. Getting a perfect mortgage with lower interest rates, reasonable down payment and other favorable terms & conditions is a multi-step & time-consuming process.
You should always seek a mortgage pre-approval from a trusted lender. Pre-approval process means that your lender has reviewed your credit profile.
It has also reviewed all supporting documents necessary to approve your mortgage on specified price range of housing contract. Your mortgage pre-approvals are considered good for 60-90 days.
(9) Sale Price Of House
It is one of the most common factors to know before applying for mortgage. Your mortgage is also impacted by the sale price of the house.
If the price of the house somehow exceeds your pre-approval limits then either you will have to make a larger down payment or ask the seller to accept a lower price offer.
A cheaper house makes a down payment quite easier resulting in lower monthly payments.
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