It's important to be fully honest and upfront with your mortgage lender- they will find out anyway. You should interview at least 3 different mortgage companies and determine the best fit for your individual needs. Some will offer to help you with closing costs and/or other incentives. Or, they may help you to find a govermental assistance program. Due to the long detailed conversations and verification they need, people sometimes give up and just go with the first lender they speak to. This could be a mistake. Their terms vary can greatly. Remember to use this important phrase:
" I'm just exploring my mortgage options and am not ready to select a lender and apply- I just want information and estimates of closing costs and monthly payments."
A good question to ask them is:
"How much are your Origination Fees"?
These are the costs above the interest you'll pay just to originate the loan
You may also be curious about whether or not they can get you to closing without annoying delays, you may ask:
Do you commit to getting my closing done on time?
It's best to get your interviews all done and your lender selected within one month of beginning the process, that way your credit score will not suffer multiple hard pulls.
Once you choose your lender, They will provide you with the amount you qualify to borrow and time limit (usually 90 days)
with your PRE APPROVAL LETTER in hand, we can start shopping for your dream home. Sellers will not consider an offer from a buyer who has not begun the mortgage process.
Click the links to explore mortgage options of my preferred lenders