Shopping for your mortgage is just as important as shopping for your home. The right loan can save you tens of thousands of dollars.

Prior to applying for a loan, a prospective buyer can determine how much money they can borrow through a process called prequalification. While it does not constitute a commitment from a lender to make a loan, prequalification can help a prospective homeowner determine their price range.

During a pre-approval process, you may be able to obtain a mortgage loan commitment from the lender prior to the purchase of your home. Your pre-approval certificate from the lender will strengthen your position when you negotiate with a seller.

As you begin the mortgage application process, it is important to answer these three questions:
1. How long do I plan to stay in this home?
2. Do I anticipate that my income will rise or remain fixed?
3. How important is it to me to pay down the principle?

A frank discussion of these questions will help you and your loan officer determine the right mortgage program for you.