Gayle Gahagan

This is one of the most important steps you can take when getting ready to buy a home. Pre-approval can save you time and heartache by helping you eliminate houses during your search that are likely outside of your price range. Don’t set yourself up for the disappointment of falling in love with a house only to discover that you don’t qualify for the necessary loan amount - get pre-approved!

A mortgage is a type of loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property then serves as collateral to secure the loan. A borrower must apply for a mortgage through their preferred lender and ensure that they meet several requirements, including minimum credit scores and down payments. Mortgage applications go through an underwriting process before they reach the closing phase. Mortgage types vary based on the needs of the borrower, such as conventional and fixed-rate loans.