How to finance a house Part 3 "Lenders" - John Reinhardt Solid Source Realty 770.475.1130 ext6806

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John Reinhadt

REALTOR

770.475.1130 Ext. 6806

Lenders

Before you begin your home search it is a good idea to be pre-qualified by a reputable mortgage lender. Most Sellers expect the Buyer to be prequalified prior to making an offer to purchase a home. A very rough guideline is that your house payment, including taxes and insurance, plus your other fixed debts, such as credit card payments, car payments, child support, student loans, etc., should equal no more than 36% of your combined gross income.

Pre-qualification is not loan approval. It is based on an in file credit report and the information you share with the lender about your employment history, income, and debts. Loan approval requires further documentation and verification.

If you find a mortgage company whose rates seem "too good to be true," expect some surprises in the form of discount points, junk fees, or a loan program that is not available when you get ready to close. Be aware that the lender cannot lock in your interest rate without a Purchase and Sale Agreement.

John Reinhardt

Solid Source Realty

REALTOR

770.475.1130 Ext. 6806

www.InFrontMarketing.com