So wait until after you ve bought your home and moved in to get that new couch or big screen T.V. or car. And there is another reason to wait. A pre-qualification is usually a lender s opinion of your eligibility for a loan. If you ask to be pre-approved, the lender will actually submit your job and credit history to an underwriter and get a conditional approval for a loan and a loan commitment. The advantage of having a pre-approval is that it will make your offer to buy a home stronger and it will usually allow you to close the deal faster.
Many lenders advertise their rates in the paper and in homes magazines.
Again, these could be what are called teaser rates. The name says it all. After they ve got you committed to using them, many lenders then tell you what the real rate will be. By this time, it s too late for you to do anything about it. Probably the most important part of getting a mortgage is being comfortable with the lender you are using.