Choose a lender and get preapproved for a loan before you pick your new home – it will make a huge difference. It can be a real downer if you spend tons of time browsing through dozens of listings, find the home you’ve always dreamed of, and are told in the end you don’t qualify once numbers are crunched.

A preapproval letter from your lender will tell you the dollar amount you qualify for and you can present this to sellers to show you’re a serious buyer. Preapproval is especially important right now, due to limited inventory and competitive bidding wars in the housing market.

Before lender shopping, get a copy of your credit report and get rid of any discrepancies you see. If you find your credit isn’t what it could be, get with a financial specialist for tips to repair your score. A difference in a few points in your credit score can make a big difference in your loan rate and payment.

Take your time when searching for a lender - look for one that has a good reputation and the best loan types for your needs. Visit our website for a Homebuying Guide, rates, calculators and to apply online. Our DECU loan specialists can walk you through the process and make homebuying easy.