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You will need to know what your financial limits are before you shop for your new home. Many of our Clients require a mortgage for a home purchase, but are unsure of where to start. Your own financial institution is an excellent place to begin, though certainly not the only source for mortgage funds. Working with a professional you are comfortable with, and can trust, is key when searching for a mortgage that will suit your needs.

Once you decide which mortgage professional or financial institution to work with, the next step is applying for a mortgage loan. Normally this is a two-step process. The first step is a pre-approval, before you begin house hunting, and the second step is a firm approval once you have found, and offered on the property.

Pre-Qualified vs Pre-Approved

Chances are you’ve probably heard these terms before but are unsure of the differences.


Is a good estimate from your lender based on the information you supply. Keep in mind a pre-qualification does not include an analysis of your credit report or an in-depth look at your ability to purchase a home. In many cases, a pre-qualification can be done over the phone.


You will complete an official application and supply the lender with necessary documentation to perform an extensive check of your financial health. Getting pre-approved for a mortgage enables you to move quickly when you find the perfect property. This is the most important step.

What Not to Do When Applying for a Mortgage:

  • Don’t purchase any big ticket items prior to your mortgage application such as a new car, furniture, major appliances, etc. Doing so may increase your debt-to-income ratio, thus jeopardizing your eligibility.
  • Don’t open any new credit cards. This also can jeopardize your debt-to-income ratio even if you don’t have a balance.
  • Don’t let multiple lenders check your credit history.
  • Don’t make job changes within six to eight months of buying.