7. Find out if there are any limits on how much amount you can borrow
Lenders have limits on how much they’ll lend and when you need to start paying back your mortgage. Make sure you know what those limits are so you don’t end up in an uncomfortable financial situation. For example, if you buy a house for $300,000 but can only afford payments of $2,500 per month, your lender might not be willing to give you more than $200,000. In that case, it might be best to consider another home that fits within your budget.
8. Look at all the options
There are many different types of mortgages out there. While you may be pre-approved for one type, it’s not always the best. Some lenders have better rates than others or offer perks like lower down payments and free closing costs. Make sure you look at all your options before choosing what’s right for you.
9. Follow up after submitting your application
After you’ve submitted your mortgage application, be sure to follow up with your lender. Checking in regularly lets them know you’re interested and invested, which can give you peace of mind (and maybe even help speed things along!). Most lenders will call or email within 48 hours after receiving your application; if they don’t, it never hurts to reach out. You can also check on your status by logging into your online account or calling customer service. If there are any questions about missing documents or details that need clarification, ask for an update and provide any information needed as soon as possible so that you don’t fall behind schedule.
