How do I get preapproved?
Buyers Answers

Real estate financing is available from numerous sources, mortgage companies that have worked with local Realtors and in some cases, individual Realtors themselves. Based on his or her experience, the Realtor may suggest one or more lenders with a history of offering competitive programs and delivering promised rates and terms.

The loan officer will carefully review your financial situation, including your credit report and other information. The lender will then suggest programs that most closely meet your needs. For instance, a first-time buyer may qualify for statebacked mortgage payments with little money down and low interest rates, while a repeat purchaser (someone who has bought a home before) with more equity (money invested in the home) might want to get a 15-year loan and the lower overall interest costs it represents.