Get Prequalified to Buy a Home in Northern Michigan


Before you start shopping for a home in northern Michigan, get prequalified or preapproved for a home loan by a lender. Even if you have a long-standing relationship with a certain bank, this can be a good time to shop around. We highly recommend working with a local lender. Local lenders are familiar with the local real estate market and often know your real estate agent because they are part of the same community. Getting prequalified for a loan means your lender has reviewed your credit to determine if you're likely to qualify for a mortgage when you officially apply.

Preapprovals require an in-depth look at your finances, and are regarded as serious proof of your ability to purchase a home. When you're preapproved, you receive a letter from the bank showing you are highly likely to be qualified for a mortgage for a certain amount. Then, you can share this letter with your realtor to show you are a serious buyer.

For a preapproval, you may need:

If you're interested in an estimate on how your mortgage will break out including taxes, term, down payment and insurance, click here to access the mortgage estimate tool.