Serious About Buying a Home? GetSmart.com Can Help You Get Started

Buying a home can sometimes feel intimidating. Let GetSmart.com share a few quick tips that can help make the process smooth and stress free.

Charlotte, N.C. (PRWEB) May 17, 2007 -- If you're serious about buying a new home - the first step you can take, before you start browsing the Internet to find your dream home - is to get pre-qualified and pre-approved for a mortgage (http://www.getsmart.com/loan-resources/Mortgages/Choose-the-Right-Mortgage.aspx?&esourceid=707570&esourceid=707570). Being financially prepared may be just the boost you need in order to stick out above the competition in the eyes of the seller.

What's the difference between the two? Getting pre-qualified involves giving a lender basic information about your income, assets and debt load. The lender can then - usually free of charge - give you an idea or a range of the mortgage amount for which you qualify.

Getting pre-approved (http://www.getsmart.com/loan-resources/Mortgages/Anxiety-Free-Home-Buying.aspx?&esourceid=707570&esourceid=707570) takes the process one step further. The potential buyer completes a mortgage application, along with paying an application fee, and gives the lender all the documentation needed to check your credit history and financial background. The applicant is then given the exact mortgage amount he or she qualifies for.

Getting pre-qualified and pre-approved can work to a buyer's advantage in several ways:

1.    The buyer knows how much he or she can afford to spend. It's critical that buyers have this number in their head before falling head over heels for a home out of their price range.

2.    It lets a seller know that you are a serious home buyer (http://www.getsmart.com/loan-resources/Mortgages/Your-rights-as-a-home-buyer.aspx?&esourceid=707570&esourceid=707570). Owners often prefer dealing with buyers who are pre-approved because it demonstrates to the owner that the financing for the purchase is already in place.

3.    It allows buyers to move quickly if they find a home they'd like to submit an offer on. In competitive markets where multiple offers on a property are common, being pre-approved and ready to spring into action when making an offer can make all the difference.

For more information on getting pre-qualified and pre-approved for a mortgage, visit www.getsmart.com (http://www.getsmart.com/).

About GetSmart®

GetSmart is a leading financial services marketplace that offers borrowers access to a range of home loan products such as mortgages and refinance loans, home equity loans and lines of credit from a network of more than 250 lenders. Consumers who visit the site at www.getsmart.com of call 1-800-GETSMART complete a short and simple form and will then be matched with up to five competing lenders.

GetSmart is owned by LendingTree, LLC, which is an operating company of IAC.

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