Should you talk to a 1st Mortgages' specialist before you begin house hunting?

Absolutely! Even if you have not picked out houses to visit, it is very informative to speak to your 1st Mortgages professional first. Why? Understanding your financing options, requirements and pre-planning for your buget is priceless when shopping for a new home.

When Pre-approved by 1st Mortgages, we help you determine how much of a monthly mortgage payment works within your budget, and how much we can lend you.  You may find with some lenders these amounts do not agree! We help to structure your new loan by considering your income and debts, your employment and residence situations, your available funds for downpayment and required reserves, and some other things. It's short and to the point, and we keep the paperwork to a minimum!  Each Loan Specialist is among the premier consultants in the industry and will work to make your home loan simple.

Approvals are available over the phone in as little as 10 minutes.  Once this is completed, we will provide you and your real estate agent what is called a Lender Letter (your real estate agent might call it a "pre-qual"), which says that your financing is in place subject to finding that perfect home.  Approvals are typically good for 120 days and may be updated if you decide upon a different property.

When you find a house that catches your eye, and you decide to make an offer, being pre-approved for a mortgage will do a couple of things. First, it lets you know how much you can offer. Your real estate agent will help you decide on an appropriate offer, but being pre-approved gives you the confidence to sleep well that night.

More importantly, to a home seller, your being pre-approved is like you walked into their house with a suitcase full of cash to make the deal! They won't have to wonder if they're wasting their time because you may not qualify for a mortgage to finance the amount you're offering for the home. A buyer ready to make the deal right now presents a better offer!

You can always use the calculators available on our site to get an idea of how much mortgage you can afford -- but it's important to contact one of our specialists.  Mortgages can be made very simple by working with the right representative.  Loan approvals are without obligation and completes the first step in being an educated home buyer.