Step One, Get Preapproved.
Contact multiple lenders for preapproval to understand how much you can borrow and demonstrate seriousness to sellers. Gather documents like income statements, tax returns, and bank statements. Preapproval typically doesn’t hurt your credit if done within a 14–45-day window, as multiple inquiries are treated as one. Here are some of my favorite lenders.
Mortgage Lender Selection Criteria
- Best pricing - compare loan estimates side by side and verify the best rates and fees.
- Best service - availability and response times.
- Creativity - some lenders can get things done that others can't, a good lender can make deals and save deals. Often creativity and service are more important than pricing.
Pam Mathewson - New American Funding
Responsive. Knowledgeable. Follows Through.
(763) 283-8656
https://www.newamericanfunding.com/mortgage-loans/pammathewson
Andy Moulton - Old National Bank
$10,000 grants for income qualifying buyers
First time buyer No PMI Conventional Loan
Low origination fees
Peggy Ryan | Bell Bank Mortgage
Transparency, communication, and timely closings.
952-905-5417
pryan@bell.bank
Home Buying - Visual Graphic
A clear, step-by-step guide to the home-buying journey—from assembling your real estate team and securing lender pre-approval to defining your search, financing, making an offer, completing the inspection, closing, and enjoying your new home.
Karl's Mortgage Calculator - Get the App
Get Karl's mortgage calculator from your app store or use the online version.
Karl's Mortgage calculator comes with graphs, amortization tables, overpayments and PMI.
If you wish to dive deeper on mortgage numbers,
There are mortgage templates in Google sheets.
Side Note: Better Savings Returns
Sometimes when savings for a down payment, waiting to purchase a home, you will have a larger and usual balance in your bank account. It's nice to capitalize on the interest on that money if possible. I've been using Wealthfront Bank for years for high yield savings accounts. There are other banks with higher returns on "liquid" savings accounts that can be quickly transferred over when needed for closing.