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Applying for a Mortgage

When it’s time to shop for your mortgage, keep in mind that there are plenty of factors to consider. You want a good rate, lower fees and someone you can depend and trust to help guide you through the process.

Your Credit Union

Make your credit union your first stop when looking for a mortgage. They’re known to have some of the best rates, lowest fees and friendliest service around. Plus, credit unions tend to hold onto your loan for the life of your mortgage. If you go with another financial institution, chances are your loan will be bought and sold several times over while you have it. It’s nice to know who your lender is and the consistency a single lender can offer.

Think Pre-approval

Once you start mortgage shopping, you might get offers to get pre-qualified. For Realtors and potential sellers, the magic phrase is pre-approved, not pre-qualified. Pre-qualified means you’ve had an initial consultation with a lender. Pre-approved means you’ve had your credit report pulled and your history and finances analyzed to come to a specific figure of what you can afford.

Being pre-approved gives you more buying power and should always be done before you start house hunting. Once you find a house and put an offer on it, being pre-approved makes you much more attractive to the seller and brings you one step closer to having your offer accepted.

What Kind?

There are plenty of things to consider when getting a mortgage: 15- or 30-year, adjustable- or fixed-interest rate, points or no points.

Apply Yourself

You’ve probably applied for a loan or credit card by now. Applying for a mortgage is somewhat similar. But remember, you’re applying for a major amount of money, so you and your financial history are going to go under a microscope.

What you’ll need to apply for a mortgage:

Next stop, house hunting! Get some valuable tips on Finding a House.