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Get Your Loan Pre-approved And Pre-qualified With These Simple Steps April 15, 2009

Posted by minnesotarealty in MN Realty.
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Making the right decisions particularly on the loan amount matters a lot when it comes to buying your desired Minnesota property. But first, you must consider the fact that purchasing a new home requires prequalification and preapproval, and you actually need to have your credit report checked out. A detailed inspection of your financial circumstance or credit report may be done by a prospective lender while you go through the processes in prequalification and preapproval, but at the same time – you may want to check your credit report for errors from a credit bureau, for free.

There are cases when errors or mistakes happen and if this is the situation, better have your records cleared up, likewise, compile all your communications with credit bureaus and lenders as references. If you have finished all these tasks, its time to factor in this important ideas and tips in the loan prequalification and preapproval for you to buy your new property:

1. Check the different mortgage programs through the Internet. You can find several loan packages and compilation of the latest interest rates through websites like LendingTree.com and Bankrate.com. Examine these options in the Internet and if you want to have a preliminary review – you can give your personal details. As soon as you have forwarded all the necessary information, a representative will contact and guide you for the remaining steps to follow.

2. Visit and seek the help of your local bank. The best authority from your area bank to ask help from are mortgage officers in case you want to get a prequalification letter or preapproval status. This may take some time to accomplish compared to the online process, according to Ilyce Glink, author of ‘100 Questions Every First Time Home Buyer Should Ask’. But if you are the type of person who find it easier to get things started going to the bank and talk to a representative in person, this may be what you need. The same kind of service is provided.

3. Dial the telephone. Another option you may try is transact your loan prequalification over the telephone, instead of online or bank methods. Some lenders offer this kind of service and all you have to do is ask the local bank for the number so you can give or submit your personal details through the phone.

4. Engage the service of a national lender. These lending companies may provide you a wider array of options than that of a bank or online processes; examples of national lending institutions are Countryside Home Loans and Bank of America. Know more about the current rates in their website and get your home loan pre-qualified after sending your personal information.

5. Visit an aggregator website. This type of online resource provides documents on rates and services offered by different lenders and a good option where you can submit your personal information instead of a bank or any other financial institutions. Several options are available for you to choose from after you have submitted your info.

Getting prequalified and preapproved for a home loan is the first important step in home buying. Use any of the above resources to get the process started and get the best rates for your future mortgage.