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Are you financially prepared? Here are some easy steps to follow:

Shopping for a mortgage is your first step towards buying a home.

It's best to look at a few options before deciding on a lender. Determine a mortgage payment that will suite your budget. In today's market, loans have pretty conservative requirements and lenders will help determine up to what amount you will be approved for. The conservative underwriting helps protect you in a way that you most likely not end up in a mortgage that will be more than you can budget for. Today, you will need to put in a little more due diligence in working with your lender. Educate yourself of the different loan programs out there and determine which is right for you. Bottom line; you need to be comfortable with your payments.

Look at your income and expenses, both current and projected to determine what you can comfortably manage each month. Along with your mortgage payment, don't forget related insurance, taxes and any other costs rolled into the mortgage payment. Also, find out if there are any additional costs such as special assessment taxes or HOA dues.

Now you are ready to shop for a loan. Gallery Real Estate works with several preferred lenders. With an understanding of who you are and what your goals are, we can provide you with information on lenders who have worked with us and have provided great service to our homeowners! A list of preferred local lenders is below or give us a call so we can find out more and direct you to lenders that best match your financial goals.

Gallery Real Estate can work with you on the pre-qualification process. We can provide your information direct to our preferred lenders and get back with you very quickly. Or feel free to pick up a pre-qualification form and work with lenders directly. You may already have a great relationship with one you'd like to use. Whichever scenerio is most comfortable for you.

When comparing lenders, look at lenders loan costs, including the interest rate, broker fees, points (each point is one percent of the amount you borrow), prepayment penalties, the loan term, application fees, credit report fee, appraisal and a host of others.

Once you decide on a lender, the lender will run a credit check on you to take a look at your credit status, but you'll have to supply additional documentation including paycheck stubs, bank account statements, tax returns, investment earnings reports, rental agreements, divorce decrees, proof of insurance, and other documentation.