Buying a first home can certainly be an exciting experience. No doubt it is a lot of fun to browse listings online, look at photos, and check out neighborhoods. That says nothing of actually seeing houses in person. But don’t forget mortgage lending. It is a part of the equation that gives many first-time buyers trouble.
Getting a mortgage is not as easy as it seems. Sure, you can get quick preapproval with just a little information about your job and income. But preapproval doesn’t equal a guarantee. More than one first-time buyer has learned that the hard way.
If you are looking to buy your first home, here are important things you should know, compliments of Mortgage Maestro:
1. Applications Must Go Through Underwriting
Sticking with the idea of preapproval not being any guarantee, first-time buyers should understand that all loan applications must go through the underwriting process. …