offer loans as part of their services. Keep in mind that even if you receive approval for a home loan that you know deep down isn’t affordable in the long run, you don’t have to accept it. Getting pre-approved for just any home loan isn’t the end goal; finding the best mortgage deal for you and your situation is! What a lender claims you can afford and what you actually can afford aren’t necessarily the same thing. This is another reason that you need to take your time and shop around. HIRE A PROFESSIONAL You might assume that you need to shop around for the best home loan on your own, which can feel overwhelming. You don’t have to go it alone. I recommend that you hire a mortgage professional or mortgage broker. This is not your buyer’s agent, although you can use your buyer’s agent as a source of information for referrals/recommendations to qualified, experienced, and well-known mortgage professionals in your area. If possible, you should engage the services of the mortgage professional before you begin searching for your new home. Banks are known for having the fewest mortgage options available because their products are specifically geared toward the bank’s professional interests. However, banks can also be more flexible, as they are the ones who are lending the money for a home. If you, the buyer, own other substantial assets, this can work to your advantage in making a deal with the bank, as it gives you leverage. But in working with a mortgage broker, you will likely find that you have mortgage options that you wouldn’t have been able to find otherwise. This is because mortgage brokers work independently — they aren’t tied to a specific bank or mortgage-lending company — and often work with a significant number of financial outlets.
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