How do I get prequalified for a home loan? Work with a preferred lender to get pre-approved for a mortgage. First, contact a preferred lender to get the process started. Lenders will request financial information from the buyers to prove their income, which helps establish the size and terms of the loan. However, keep in mind that as Rocket Mortgage points out, a preapproval is different than approval. The former is great when people are shopping for homes, but the latter is needed once a buyer finds the home they want to purchase. Legend Homes works with First Choice Lending Group to help buyers find the right home loan for their situation. There are several other steps to the home loan preapproval process, so we first recommend reaching out to our Online New Home Advisors to get the process started. Email them now at onlinesales@legendhomecorp.com.
What are closing costs? Closing costs are expenses, fees, and other charges that are associated with the purchase of a home in addition to the down payment. Per Quicken Loans, closing costs typically range from 3–6% of the purchase price of a home. These fees cover insurance and property charges and charges related to the transaction itself as incurred by the lender.
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