A Mortgage Pre-Approval:
A Smart First Step When Looking for a Home
With the spring home buying season just weeks away, getting a pre-approval for mortgage financing before you start to look for a home is a smart move.
With a pre-approval, you’ll get a clear-cut sense of how much you are eligible to borrow. A pre-approval also assures you of a locked-in mortgage rate for a set period – so there is no risk of any interest rate increases while you are house hunting. The great news for those who turn to a mortgage broker is that a broker may be able to obtain a longer pre-approval rate hold.
Keep in mind that the property you intend to purchase – along with your supporting information (such as income, down payment and employment history) – has to meet the financial institution's criteria to be approved for lending. Also, a pre-approval is not a guarantee of financing, and does not eliminate the need to make a conditional offer.
If you are planning on searching for a home this spring, call us today to get pre-approved. He or she can get you an extremely competitive interest rate and length of rate hold – you’ll soon be on track to finding the home that’s ideal for you and your family.