Click here for Current Mortgage rates. The Loan Process  The loan process.  Sometimes the very mention of that sends buyers running the other way to rental-world.  Here is a simple explanation of the loan process, what a lender may need from you, and what you can expect along the way.  Learn about The Typical Loan Process, and remember your agent is there to help you along the way!  The Nine Most Common Mistakes to Avoid When Obtaining a Home Mortgage! Okay, so now you are less freaked out about the whole loan process.  Now you should consider what questions to ask your potential lender.  Still confused about interest rates?  Here are a few tidbits about this sometimes confusing subject.  How much house can I afford? Can you guess what important step most people skip when they decide to buy a home?  The answer is figuring out how much they can afford.  Before you start house hunting, you need to determine how much house you can afford.  This should begin with getting either prequalified or preapproved for a home loan. If you need help finding a mortgage broker, I can refer you to someone I have worked with in the past who can work with you to begin the process.  Doing this will not only help you get a better picture of what you can afford, it will also signify to sellers that you are a more serious buyer.  What do I do to get prequalified? A prequalification does not require your submitting financial documents  and can be done online or over the phone.  You will be asked to provide basic information about your finances, such as your household income and your debt load. With this information, the lender will estimate what your maximum loan amount could be if you were to apply. What about getting preapproved? A preapproval is more involved.   The lender will perform a review of your finances, requiring pay stubs, tax records, credit accounts, bank statements and more. This figure will not only be a more reliable estimate of what you can afford, but your preapproval also indicates that a lender is willing to do business with you, pending the purchase price, market appraisal and the underwriting process.  Some sellers will stipulate in listings that any offer must be accompanied by a preapproval. Are there any mortgage companies that your clients have used in the past that you can give to me? Yes.  I have included the contact information for mortgage professionals that I have worked in the past.     Jim Chambers 280 Seven Farms Drive Charleston, SC 29492 office: 843.278.1600 fax: 843.278.1602 www.coreonemortgage.com www.coreoneproperties.com Daniel Island Mortgage 672 Marina Drive, Suite 107  Daniel Island, SC 29492 office: 843.375.1234 fax 843.375.1235 http://www.danielislandmortgage