When you first search for a home you will want to make sure you have a strong preapproval letter from a Qualified Mortgage Agent. This document is not a mortgage approval but simply an estimate on what you can afford and will let the Sellers know that you are qualified to purchase their home. The Mortgage Agent will run your credit and ask for specific documentation such as pay stubs, savings accounts and current dept.
In addition, a good Mortgage Agent will let you know what your monthly costs will be depending on the home price, taxes and insurance. You may qualify for more than you are willing to spend and this conversation will also ensure that you are searching in a price range that you are comfortable. If you would like a list of qualified and competitive Mortgage Agents CLICK HERE to go to my contact page and fill in your contact information and then write your request in the comment box.