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What Is A Mortgage?

What Is A Mortgage?

A mortgage is a legal document by which real property is pledged as Security for the repayment of a loan; the pledge is canceled when the debt is paid in full. Collateral for the loan is the house and the land it sits on. At Closing, the Borrower signs the documents that give the Lender a Lien against the property. If the borrower doesn't make the agreed payments, a lien gives the lender the power to take the home through Foreclosure.

Are You Ready To Buy?

You have saved up for many years and now you are ready to do something about it. You may prefer to meet with an online lender, a mortgage company, bank, or even an independent mortgage Broker before house hunting to determine in advance how much you can afford and the mortgage amount for which you can qualify. This step is called pre-Qualification and can save you time and trouble by making certain you are looking in the correct price range.

Why Pre-Qualify?

Pre-qualification is an important first step in the home buying process. One of the advantages of prequalifying is knowing how much you can afford helping you focus on your house hunting. It makes applying for a mortgage much easier and faster since you have already provided much of your information. A mortgage prequalification can also give you additional leverage with a seller in negotiating the best possible terms of the sale. It demonstrates that you are serious and ready to buy as opposed to someone without a prequalification offer trying to negotiate with the seller.

Prequalifying generally takes little time. You may want to check our online prequalification form for a quick response. It is easy to complete and you are matched with up to five lenders. If you prequalify online, then you should hear back from a lender between 24 to 48 hours. *Your Credit is never checked until you speak to a lender.

What Will You Typically Need To Prequalify?

You can save yourself time in the prequalification process by preparing some information before you get started:

• Type of home, location, approximate price and value of property
• Type of loan you want
• How much Down Payment you plan to make and how soon you will need the loan
• Personal information (name, phone number, address, date of birth, email address)
• Employment history, Credit History and mortgage history
• Social Security number (for lender only; not online form)
• Financial information (monthly income, current debts, assets)

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