A Mortgage Pre-Approval Has Many Advantages for Home Buyers
A pre-approved mortgage establishes you as both a quality buyer and a qualified buyer. It means a lender has made a commitment to loan you money, making it easier to obtain the help of a good realtor and giving you more negotiating power with the seller. There are conditions that the approval is subject to, such as property valuation and your continued good credit standing.
Know What You Can Afford
Getting a pre-approval will make you feel more comfortable when looking at homes – knowing what you can afford. You can better create a budget, including any home improvements you may want to make. You will also know how much your down payment will be, and the amount of any other associated costs.
Try our mortgage pre approval calculator; it will give you a good idea of what you can afford to invest. Then, when you’re ready, fill out our secure online application to get started with the pre-approval process.
Your Mortgage Interest Rate Will Be Secured For Up To 120 Days
A great benefit of getting pre-approved mortgage: if you select a fixed rate mortgage, the interest rate will not increase during a committed period of time (typically 120 days). If the interest rates increase, you’ll have the benefit of the lower rate.
Qualifying For A Mortgage: What Are the Important Factors?
Are you working with a mortgage broker for the first time? Here’s what the process involves.
You can start by completing our quick (and secure) online application – or you can set up a meeting with one of our mortgage associates, who will walk you through the process of qualifying for a mortgage. Regardless, you will be asked to complete an application that includes:
- Details about employment and income from all sources
- Assets and debts
- Permission to contact the credit bureau for a credit report
To Help Speed Up The Process
Review all of your personal expenses and develop a list of anticipated future expenses (for instance, braces for your child or major car maintenance).
Also, take advantage of our mortgage qualification calculator to help you decide the amount of money you can commit to paying for a home.
Your credit rating will weigh heavily on the lender’s decision to grant a mortgage pre approval. If you are filling out our secure online application, we will pull your credit rating for you with your consent saving you time.