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Getting a Mortgage Pre-Approval

General Lucie Halle 6 May

If you are looking for a new home, be sure you ar
e pre-approved. With a mortgage pre-approval, a
licensed mortgage professional can do a more comple
te verification prior to sending you shopping for a
home, and with that done, the dollar figure you are go
ing shopping with is actually what you can spend.
The mortgage professional that you work with to
get pre-approved will let you know for certain what
you can afford based on lender and insurer criteria, a
nd what your payments on a specific mortgage will
Licensed mortgage professionals ca
n lock-in an interest rate for yo
u for anywhere from 60 – 120 days
while you shop for your perfect home. By locking in
an interest rate, you are guaranteed to get a
mortgage for at least that rate or better. If intere
st rates drop, your locked-in rate will drop as well.
However, if the interest rates go up, your locked-in
interest rate will not, ensuring you get the best rate
throughout the mortgage pre-approval process.
In order to get pre-approved for a mortgage, a mortga
ge professional requires a short list of information
that will allow them to determine your buying power.
A mortgage professional will explain to you the
benefits of shorter or longer mortgage terms, the
latest programs available, which mortgage products
they believe will most likely meet your needs the
best, plus they will review all of the other costs
involved with purchasing a home.
Getting pre-approved for a mortgage is something ev
ery potential home buyer should do before going
shopping for a new home. A pre-approval will give yo
u the confidence of knowing that financing is
available, and it can put you in a very positive
negotiation position against other home buyers who
aren’t pre-approved.