Browsing homes is the fun part, but your loan should come first. A preapproval tells you how much a lender is willing to lend, and it shows sellers your offer can close. That matters when a good home in Southeast Georgia draws more than one offer.
Rates, fees and loan programs are not the same at every lender. Two lenders can offer the same kind of loan with different terms. You might compare a local bank or credit union, a mortgage company, and a mortgage broker who can check loans from several lenders.
After you apply, each lender must give you a Loan Estimate. It is a three-page form, and every lender uses the same one, so you can lay them side by side. Look at:
The interest rate and monthly payment on page 1
The lender's own fees under Origination Charges on page 2
Your cash to close and the rate lock details on page 1
For a fair comparison, make sure each estimate uses the same loan type, price and down payment. Ask each lender whether your rate is locked and for how long.
Get your papers ready early. Most lenders ask for recent pay stubs and W-2 forms, tax returns, bank statements, a photo ID and details on other loans. Self-employed buyers should expect to show more.
Once you are preapproved, keep your finances steady until closing. Skip new credit cards, new car loans and large unexplained deposits, and talk to your lender before you change jobs.
Read the full guide: Get Preapproved and Compare Lenders Before You Shop for a Home on SoutheastGaRealEstate.com, with more detail, a FAQ and local home searches.
Text FINANCE to 912-420-1663 to get lender resources and buyer-readiness help.
Julie Mock, REALTOR®, Georgia license #430345, Weichert, Realtors® – Webb & Associates, 95 Bel-Air Dr., Statesboro, GA 30461. Call or text 912-420-1663. This article is general information, not legal, tax or lending advice. Brokerage office 912-764-9722. Each Weichert® franchised office is independently owned and operated. Equal Housing Opportunity.
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