Why and How to Get Mortgage Pre-approval?
If you are looking to buy a house most common question that comes to mind is how much mortgage can you qualify for and what will be the monthly payment. You can get your answer by getting mortgage pre-approval. Mortgage Pre-approval is free and it gives you the exact dollar figure that your financing will get approved for and the mortgage payments will be.
Mortgage Pre-approval also locks in the interest rates from 90 to 120 days. In case interest rates go down your locked in rate will drop and if interest rates go up Ur rate will not go up.
When you make an offer to purchase, mortgage pre-approval also gives you the confidence that financing is available and puts you in more negotiating position that the other home buyers who are not pre-approved.
There’s no cost to you and you’re not obligated to accept the mortgage.
Real estate agent will be inclined to spend more time helping you and will serve you better because they know you have secured your financing.
Getting pre-approval is very simple, all you need is to contact a mortgage professional. Fill up the approval application and provide proof of income and down payment. Your mortgage specialist will discuss the available mortgage options (fixed vs. variable rate, interest terms, payment options, amortization, etc.). With mortgage pre-approval lender commits to loan you the money subject to property values and condition. Mortgage pre-approval is the first thing anybody should do before they start looking for the house.
Hope that was this was helpful. If you have any questions feel free to contact us.