Mortgage Pre-Approvals

Mortgage Pre-Approvals

A Mortgage Pre-Approval is a significant step in the process, as a lender is making a formal commitment to loan you a determined dollar amount towards the purchase of your home or investment property. Mortgage Pre-Approval rates are held for 120 days from the date the commitment is issued. This protects the customer from being subject to rate increases during that time period.

How Pre-Approvals Work?

  • Our team will discuss your financial strategy and needs, mortgage amount, down payment, purchase price, etc.
  • You will learn about Fixed Vs. Variable mortgages, payment options, interest terms and rates, and amortization schedules.
  • With your consent, we will complete a formal application, which will require you to provide details regarding employment, income, down payment, and current liabilities.

Why Get Pre-Approved?

  • You will know exactly what you can afford, so you will save time when searching for your home or investment property.
  • You will know what your monthly payment amounts will be, as well as how much your down payment will be.
  • When it is time to make an offer to purchase, the sellers will be more inclined to give you more serious consideration than someone who has a “financing” condition in their offer.
  • There is no cost to you, or any obligation to accept the mortgage.

Need a Pre-Approval?

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