Loan product developments in recent years have greatly expanded the options available for all home buyers. Today's loan programs offer borrowers opportunities to maximize buying power, save cash for repairs or improvements, get a loan with little or no income verification, or even buy a home with little or no down payment. Now we will discuss some of the ways buyers can take advantage of the expanding loan market to secure the best financing available today.

Purchase prequalifications
We can pre-qualify you as a borrower without specific property information. In other words, your loan information is used for full underwriting and includes your employment information, asset information, and credit history. We can then pre-qualify you as a borrower, subject to a maximum loan amount, down payment, and interest rate.

Getting prequalified for a loan is critical in today's real estate environment. Many Realtors® do not want to accept offers from buyers unless they are pre-qualified for a home loan. By going through the loan process prior to signing a purchase contract on a home, you can eliminate all of the obstacles to borrowing without jeopardizing an actual purchase transaction. Once your loan is approved, your real loan closing will be quick and subject only to a satisfactory appraisal and title report on the home.

To begin the prequalification process you need to make some assumptions about your purchase price, loan amount, and loan program. Any of these assumptions can change once you've found your home, but it helps to do the following:

• Complete your application for the maximum loan amount and purchase price that you're interested in. We can always change these later.
• Get your loan approved at an interest rate that is somewhat higher than what you expect to get. Again, we can always change it later.

The prequalification of your loan will ensure that your real purchase will go smoothly once you have located the perfect home.