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With these types of loan or credit applications, you generally just need to fill out the application, and you’re done. With these experiences under your belt, you may feel confident that applying for your first home mortgage will be just as streamlined and fast. While most first-time mortgage applicants may feel the same way you do, most unfortunately will feel as though they have hit a brick wall when reality sets in.
The Magnitude of the Situation
With this in mind, you do want to follow a few steps before you apply for your mortgage:
Review Your Credit Report
Review Possible Loan Terms
Use Online Loan Calculators
By completing all of these steps before you get pre-approved, you can more easily apply for your home mortgage with confidence.
How about you all? Were you scared, excited, or a little bit of both before applying for your first mortgage?
What steps did you take to prepare yourself for the home-buying process?
Share your experiences by commenting below!
Jacob’s Thoughts – Listed below are my random thoughts as I was reading this article.
- When I purchased my first home (my current condo) back in 2010, one of the most useful things I did to prepare myself for the process was to read several personal finance books, paying special attention to the sections regarding buying a home.
- By reading these books, I was able to know what questions to ask to make sure I was getting through the deal with the most chance for success.
***Photo courtesy of http://pixabay.com/get/223d8652af15a61c1e7b/1365049150/icon-41335_1920.png