Step 5 - Loan Pre-Approval

Interview various lenders that offer the first-time buyer assistance programs you are most qualified to receive. Obtain pre-approval for a loan through your preferred lender, using the assistance programs that you can qualify for. Your lender will provide you with a Good Faith Estimate that will give you the information you need in order to compare loan products from different lenders and to be assured that the loan you receive is the best fit for you.

How do I choose a lender?
What is the difference between a broker and a lender?

How do I choose a loan that is right for me?

How much can I afford?

How do I apply for a mortgage?
What documents will typically be requested when I make application for a first mortgage loan?

How long does it take to obtain loan approval?

How do I determine which mortgage product will meet my needs?

What types of mortgages are available?

How long will it take to close if I applied for my mortgage through a "pre-approval" program?

How quickly can a lender close on my home loan?

How can I determine what mortgage amount I will qualify for?

What is the difference between a pre-qualification analysis and a pre-approval application?

How are rates determined?

How can I compare rates and fees when shopping for a mortgage?

What is the difference between APR and interest rate?

What is an origination fee?

What is a discount point?

May I pay additional discount points to reduce my interest rate?

What are lender fees?
Does the lender require title insurance for purchase transactions?

If I refinance my loan with my existing lender, will I have to pay all the closing costs again?

Will the lender agree to include my closing costs in the loan amount?

What is prepaid interest?

What is Predatory Lending?

Can I get a loan if I’m not a U.S. citizen or if I live outside the country?

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