Mortgage TN: When should I start looking for my mortgage in Tennessee?

June 22, 2009 · Print This Article

For some who are looking for a new home, one thing most overlooked is the mortgage. TN homebuyers, first time buyers or seasoned, shouldn’t miss this important piece. I know that you are geared up to buy a new home. You’ve saved for your down payment and now you are sure you have found find the perfect place. But now you start thinking, how do we proceed? You may have a whole list of questions. How do we obtain financing? What mortgage program should we choose? Can we even afford this home? These are good questions. Although it’s fine to go shopping for house first, but if you’re truly serious about discovering your new home, it would be wise to look for the right home mortgage loan and lender before you begin.

Are we putting the cart before the horse, you may wonder? The answer is no. When you start searching for your new home and you discover a house that you absolutely love, you should want the ability to place an offer instantly. Your bid will be taken seriously by the seller. It could place your offer on the top of all others. If not, you may lose the offer to some other buyer who has a pre-approval in place.

Getting Pre-Approved First For Your Mortgage in Tennessee

OK you have found me on the Internet; the next step is the pre-approval. Don’t confuse this with pre-qualification. Pre-qualification means having a lender make an educated guess about how much of a mortgage you qualify for based on your submitted income and assets. Pre-approval is a little more detailed. It means essentially that you have all of the proper documentation, credit, and income. Based on what was submitted to the Mortgage Banker, your file should be eligible to go through underwriting for final approval or denial. This when I will provide you with a pre-approval letter. Now you are ready to begin the search for a home! No confusion about how much you can afford and you will have the ability to strike when the iron is hot.

To begin the process of getting a mortgage in TN, go to my pre-qualification worksheet. We could know within an hour what you could be approved for.

Written by Terrence Askew