Buyer guide
Most buyers need a mortgage. Here’s how to get pre-approved, pick the right loan and the right lender, avoid scams, and keep your loan on track from offer to closing. We’re with you through all of it.
Before you shop
You don’t need a pre-approval to tour homes, but it helps: we’ll know we’re shopping in the right price range, and you’ll be ready when you find the one.
Pre-qualified vs. pre-approved. A pre-qualification is a quick estimate based on what you tell a lender. A pre-approval means the lender has checked your credit and reviewed your documents, so sellers take it more seriously. Either way, the home itself still has to meet the lender’s guidelines.
Your pre-approval letter. When you make an offer, ask your lender for a letter that matches it. We’ll send it with your offer.
Gift funds. If family is helping with your down payment, your lender will want a paper trail: a copy of the check and the deposit slip, and usually a signed gift letter. Tell your lender early.
Gather everything quickly. Slow paperwork is the most common reason loans fall behind.
Finding the right fit
Not every loan is created equal. Your lender will help you find the right one; here’s the short version of each.
The most common loan, not backed by the government. Some of our area lenders even offer zero-down conventional loans; ask us which ones.
Insured by the government, with more flexible credit requirements. The appraiser checks the home’s condition more closely.
For eligible veterans, service members and some surviving spouses.
For homes in eligible rural areas, with income limits. Ask your lender whether a home qualifies; many areas outside town limits do.
For loan amounts above the standard conforming limit, with stricter requirements.
Not a separate program: a conventional, FHA, VA or jumbo loan whose rate is fixed for the first few years, then adjusts. It can make sense if you expect to move or refinance before then.
“Seller can pay” is the most the seller can put toward your closing costs, as a share of the price. Typical limits for a home you’ll live in; your lender has the final say, and the rules change from time to time.
Special programs. Some banks and brokers offer programs for zero-down purchases (including zero-down conventional loans), condos other lenders won’t finance, and down payment assistance like Georgia Dream. Ask every lender you talk to what they offer.
Shop around
Rate isn’t everything. Get a Loan Estimate from at least three lenders, ideally one of each kind below, using the same down payment and on the same day. Each kind has something different to offer.
Fees. Most lenders sell your loan after closing and earn much of their profit from the fees they charge up front. Add up every lender fee and points, not just the rate.
Apples to apples. Taxes, homeowners insurance, title and attorney fees aren’t set by the lender. Some lenders lowball them to look cheaper, so compare only what the lender controls.
Reachable after hours. Questions come up evenings and weekends, when you’re touring and writing offers. Pick a lender who answers their cell phone.
Closing on time. Sellers care about deadlines almost as much as price. Your lender has to meet them, and on closing day they have to actually fund your loan.
Our free tool lines up Loan Estimates side by side so you can see which lender really costs less. Upload a quote and we’ll fill it in.
Compare lender offersWho we know
You’re free to use any lender you like. These are lenders who have closed loans for our buyers. Whoever you choose, compare Loan Estimates from at least three.
Protect yourself
Home buyers are a prime target for scammers. In 2023 a buyer came to us after another agent had sent them to a “lender” found on Facebook. It had a website and professional-looking documents, but something was off in the pre-qualification letter. Our agent dug deeper, exposed the scam, and got the buyer to a real lender, who helped them buy their home.
Other than the appraisal fee, a legitimate lender shouldn’t ask you to pay anything before closing. Their fees are paid at closing, on your settlement statement. If a lender asks for an “application fee,” a “rate lock deposit” or gift cards, stop and call us.
When you apply, the credit bureaus can sell your information to other lenders. Opt out at optoutprescreen.com and donotcall.gov right away; it can take a few weeks to kick in.
Offer to closing
Wire funds safely. We will never send you wiring instructions. Get them from the closing attorney and confirm them by phone, using a number you look up yourself. Your money at closing.
We’re here for you
Need help comparing lenders or reading a Loan Estimate? Don’t be afraid to ask. A Georgia Move agent will walk you through it.
We're real estate agents, not attorneys. Nothing on this page is legal advice. Laws change and every situation is different, so always consult an attorney about your specific situation. Attorneys you can contact: Weissman PC · Blasingame, Burch, Garrard & Ashley, P.C.