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Taking out a mortgage to buy a house is a huge step. The amount and terms of the loan will have a major impact on your financial picture for decades. That’s why you should choose a lender carefully.

What to Do Before You Apply

In order to qualify for an attractive interest rate, you need to prove to lenders that you are a good risk. That means you need to get your financial house in order before you start applying for a mortgage. The first step is to get copies of your credit reports and have any errors corrected. If you have a lot of credit card debt, work to pay down the balances and lower your debt-to-income ratio.

Take a hard look at your budget and figure out how much you can afford in monthly mortgage payments. A lender may approve you for a bigger loan than you can realistically handle. Write down all of your monthly expenses, look at your monthly income after taxes and figure out how much you can afford for a mortgage without stretching yourself too thin.

Applying for a Mortgage

Gather all of the information you’ll for lenders to process your application. This will include pay stubs, tax returns, bank statements, a list of all financial accounts, a list of all your monthly debt payments, proof of employment and income, and information on any accounts in collection, lawsuits or bankruptcies. Lenders may have different requirements on how far back they want the records to go.

Lenders offer a wide range of interest rates, fees, points and other terms based on each applicants specific circumstances. Some people get the best deal from a traditional mortgage lender, while others are offered better terms by a credit union, retail lender, correspondent lender or wholesale lender. The lender that offered your friend a great rate might not offer the same rate to you, but you could get a good deal somewhere else.

If you dont shop around, you could spend thousands of dollars more than you have to over the life of the loan. If you don’t have the time to contact multiple lenders yourself, a mortgage broker can get quotes from several lenders in exchange for a fee. Then you can compare them to make a decision.

Getting preapproved for a mortgage can help in the home-buying process because it demonstrates that you’re in good shape financially and able to move forward quickly. Once you get preapproved, you still need to carefully manage your finances. The lender may review your income, assets and debts again before finalizing the mortgage.

Choose Carefully

Obtaining a mortgage is a significant step that will impact your finances for many years to come. You should not rush it or take it lightly. Do what you can to improve your current financial situation, be realistic about what you can afford and shop around to find the most favorable terms.

Published with permission from RISMedia.

These five iconic pieces of furniture have stood the test of time.

Eames Lounge Chair

With plush leather cushions and wood detailing, it goes effortlessly in any room.

Arco Lamp

A practical lighting solution for any area, its marble base and stainless steel stem create a serious design statement.

Barcelona Chair

Complete with a polished chrome frame and leather cushions with hand-tufted buttons, this chair exudes an unmistakable sense of casual elegance.

LC4 Chaise Lounge

With the ability to recline at any angle while providing ergonomic support, this stylish chaise lounge is a true conversation piece.

Florence Knoll Sofa

Simple and refined, this piece will add instant appeal to your living room while contributing to a refined ambiance.

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Many lenders pre-qualify or pre-approve mortgage applicants, which can help considerably in the buying process. While the terms are often used interchangeably, there are some important differences to note.

In general, pre-qualification is considered an initial step in which the applicant provides information on income, assets and debts. The lender may or may not require documentation.

Pre-approval is considered the next step and requires documentation and a credit check. A hard credit inquiry can affect your credit score, and several by different lenders in a short period of time can cause your score to take a significant hit. If you’re thinking about getting pre-qualified or pre-approved for a mortgage, ask if the company will perform a hard credit inquiry and decide if you are willing to risk the potential impact on your score.

Reasons to Get Pre-Qualified or Pre-Approved
Getting pre-qualified or pre-approved for a mortgage before you begin house hunting can help you throughout the whole process. It can save you time and can help you avoid frustration and disappointment later. This is because you can start your search with a reasonable estimate of how much you will be able to borrow. That means you can focus on houses in your price range, rather than falling in love with a house and then finding out that a lender will not loan you enough money to buy it.

If you have found the house of your dreams and want to make an offer, you need to show the owners that you are serious. That means you need to be able to demonstrate that you’re able to qualify for the mortgage you need to buy the house.

Some homeowners may only be willing to sell to buyers who’ve been pre-approved for a mortgage, while others may be willing to accept an offer from buyers who’ve been pre-qualified. In some areas, one is more widely accepted than the other. Ask your real estate agent whether being pre-qualified or pre-approved is more likely to help your chances of having your offer accepted.

Obtaining a Mortgage
Being pre-qualified or pre-approved does not necessarily mean that you’ll be approved for a mortgage by that lender. The company may require additional documentation to process your mortgage application and may learn more facts that influence their decision. Getting pre-qualified or pre-approved by a particular company does not mean that you’re obligated to obtain a mortgage from that lender. You can and should shop around for the best terms.

Published with permission from RISMedia.

Keep these tips in mind when selecting artwork for your home.

Golden Rule of Art Acquisition

Surround yourself with works that truly inspire and excite you.

Size and Scale

Whether its a painting or a sculpture, try to maintain a sense of size and scale thats appropriate to the room.

Consider the Atmosphere

In each room, we strive to create a different ambiance. Keep this in mind and select art that captures the perfect mood for each setting.

Color and Style

The art you choose to display should be consistent with the overall aesthetic, so consider how the colors and textures will fit into a room.

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