Mortgage Lender: Can I apply for a purchase loan before I find a property?

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Home Finance FAQ

Can I apply for a purchase loan before I find a property?

Yes! A pre-approval specialist will review your financial situation to determine if you are likely to qualify based on the estimated loan amount and purchase price information that you provide in your application.

A pre-approval gives you greater flexibility and leverage while you conduct your home search. Please note that you cannot lock your rate until you specify a property address.

What is pre-paid interest?

This amount represents the interest that accrues between the day your loan closes and the last day of that month. It is added to your closing costs. After this one-time prepayment, your interest will be included in your regular monthly payments.

Home Buyer Tip

Borrow up to 100% without
paying mortgage insurance.

By obtaining both a first and second loan instead of a single loan,
homebuyers can borrow up to 100% of their home's value and avoid paying private mortgage insurance (PMI).


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