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.