Once you have contacted a local mortgage professional, they will be able to answer any questions that you may have in more detail. It is a good idea to write these questions down, and then go through each one with your mortgage broker. If this is your first home, do not hesitate to ask any questions. The more you know, the easier the process will be.

Getting pre-approved is a great way to begin the home buying process. Having a pre-approval in hand is like telling the seller you are paying cash for their home. A true pre-approval is an approval conditioned only upon an appraisal of the home and proper title work. When you have selected the home you wish to make an offer on, include a copy of the pre-approval letter you receive from your mortgage professional. This will give you the leverage you need to buy more home for less money. It will also cut about two weeks off of the closing process if done properly. In order to obtain a pre-approval, simply provide the following during your loan application appointment:

* The last 30 days worth of pay stubs
* The last 2 years W2's or tax returns
* 2 recent bank statements for your checking & savings accounts
* One recent statement for ALL other investment and/or retirement accounts

Other items (if applicable)
* 12 months cancelled rent checks or your landlord's contact information
* A copy of your business license or CPA letter confirming you have been in business at least 12 months
* A letter explaining gaps in employment or delinquent credit issues

If you have trouble providing any of this information, talk with your mortgage professional about the other home loan options available. Having a pre-approval will make the home buying process much easier for all parties involved.

After you have found a home you will need to make a bid on the home. When you make a bid on a house the seller will accept your bid, counter-offer with another bid or simply not accept your bid. Once your bid is accepted and the purchase contract or purchase agreement is signed by all parties involved, this is a legally binding contract and you should understand what exactly you are getting your self into. If you back out of your purchase agreement there is a good chance you can lose whatever earnest money you put down with the seller. Please consult your mortgage professional or Realtor if you should happen to have any questions before bidding on a home or before signing a purchase agreement to buy a new home.

If the home you are purchasing is not brand new, it is usually a good idea to hire a qualified home inspector to evaluate the new home. Spending a couple hundred dollars now could potentially save you thousands in unexpected repairs if there is any damage to the home you are not aware of. While an inspection does not guarantee that the home is free from defects it is still a good idea, especially if you do not know what to look for.