Should I apply for my home loan before I find a real estate agent?

Posted on Jan 31, 2013 in FHA Information

Question by Alizia: What is the difference between mortgage tax and property tax?
mortgage tax is the same as property tax but mortgage tax is pay to the bank because you borrow the mortgage loan?

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Question by : Should I apply for my home loan before I find a real estate agent?
I am a first time home buyer and dont know the first thing about buying a home. I’m hoping to have a house purchased before the end of the tax credit period which I do believe is December 1st of this year. Should I go ahead and apply for the loan [which will be an FHA loan] or should I find a real estate agent first? Also, decease where would I go to apply for an FHA loan? Can I apply online? and how long does it take to get pre-approved?

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Answer by Steve
You cant apply for a mortgage loan before you identify the property price, down payment and other terms.

You can apply get a pre-approval. Perhaps this is what your are thinking?

Depending on your credit score you may want to go to a lender, better yet ask the real estate office who the suggest. If your credit is not perfect or you want a non-standard property, you should consult a mortgage broker.

What do you think? Answer below!

2 Comments

  1. Get your loan going first. That way you know how much you are approved for and how much you can spend on a home. The worse thing is to go out find a house fall in love with it then find out you cannot get approved for that much or you find the house you love and it is gone by the time you do get approved. This will make the process easier for you and the Realtor.

  2. This is a Cart/Horse type question.

    You may be in a better position to purchase a home if you already have a “Pre-Approval” (not Pre-Qualified) letter stating how much you have to spend, but many Loan Companies won’t Pre-Approve you unless you have an Offer to Purchase for a particular property.

    You probably should get a Real Estate Agent to act as your Buyer’s Agent, on your behalf.