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Mortgage Insight
Getting a Mortgage: When to Apply

Some people wait until after they make an offer on a home to get approved for a mortgage, but it is best to do it beforehand. Why?
  • It lets sellers know you are a serious buyer. Many sellers will not consider offers from those without pre-approval.
  • It gives you a limit as to what homes to look at. Why put an offer on a house that would require a $500,000 mortgage if you can only get a $300,000 mortgage?
  • You do not have to rush to find financing after your offer is accepted.
A lender can either pre-qualify you or pre-approve you. With pre-qualification, you are given an estimate of what you can afford. It is not a guarantee. When you are pre-approved, you get a commitment from the lender to provide a mortgage for up to a specific amount, barring any major financial changes or problems with the house. If you are just starting to look and not sure when you are going to buy, getting pre-qualified is sufficient. However, once your home search turns serious, it is a good idea to get pre-approved. The pre-approval typically lasts for 60-90 days.

Finding a lender
Applying at financial institutions where you already have a pre-existing relationship is often a good place to start. NuVision offers a complete line of mortgage products that are designed to fit your financial needs.

Application criteria
Lenders consider many factors when deciding whether or not to approve a loan and how much to approve you for. They typically include your credit score, the down payment amount and your other assets, your employment history, your income and your existing debt.

Call NuVision and ask to speak to a Real Estate Loan Consultant and start on the path to home ownership today.

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