It can be daunting applying for your first mortgage, and the idea of sharing so much personal information with a real estate agency isn’t the easiest thing in the world. The situation becomes even scarier when faced with the prospects of being denied the ability to purchase your dream home.

To best fight the fear of obtaining your first loan, you should head to your appointment armed with as much knowledge as possible. This knowledge, consequently, will also allow you the best chance at being approved. If your ready to begin, check out these expert tips below. read more

If you want to know whether you’re ready to buy your first home, a mortgage preapproval is the way to go. Preapproval will allow you to start bidding on homes because buyers are far more likely to take you seriously. Here’s everything you need to know about mortgage preapproval and whether you’re likely to qualify in your current financial situation.

Prequalification vs. Preapproval

Many people seem to think that mortgage prequalification and preapproval are the same things, but this is not at all the case. Prequalification is essentially a conversation with a lender in which you provide some basic information and your lender tells you whether you’re likely to qualify for a mortgage based on that information. The preapproval process is much different, and it requires a hard credit check along with several other very important elements. read more