| Now
is a great time to take advantage of the changing housing
market. New home prices are dropping which make it a
great time to buy. If you have been thinking of purchasing
a new home, get your pre-approval now. If you have been
thinking about refinancing, take advantage of the low
interest rates that are available. Act now to get a
home loan with low rates today. You will be glad you
did.
If I want a new home, should I
apply for my mortgage loan first or have the house I
want picked out first?
Technically, it does not matter if you get pre-approved
for mortgage first or you have the house picked out
first. However, it is always wise to get pre-approved
for a mortgage before you go house-hunting. This is
for a few reasons:
1) When you are pre-approved, you already know what
your budget and monthly mortgage loan payments will
be before you go shopping.
2) Pre-approval will prevent you from overspending or
placing an offer that is higher than what the bank thinks
you can afford.
3) Having a pre-approval in hand gives you negotiating
power because it allows you to put a firm offer on a
house with a quick closing date.
If
I have bad credit, will I be able to get a low rate
mortgage loan?
Truthfully, it depends on how "bad" your credit
is. A lot of people think they will not be able to qualify
for a mortgage loan, but when then actually apply they
are pleasantly surprised they they are approved. The
interest rate you will be offered will depend on your
credit score, but the lender will get you the lowest
rate you qualify for based on your situation. The only
way to know how low your rate will be is to seek pre-approval.
What
is the current mortgage loan rate?
Mortgage loan rates fluctuate daily. These fluctuations
are based on the current state of both the stock market
and the housing market. The only way to know what the
most current mortgage loan rate you are eligible for
is, is to apply for pre-approval. You will be offered
the low rates that are available based on your unique
situation.
Is
there a fee associated with getting a pre-approval?
No. Our lending partners do not charge you a pre-approval
fee.
How
long does requesting a mortgage pre-approval take?
Getting pre-approved is a quick and easy process. You
can get started online in just a few minutes. Just answer
a few questions and the lender takes care of the rest.
Does
pre-approval mean my mortgage loan is guaranteed?
Mortgage loan pre-approvals have expiration dates and
may require you to provide additional information (such
as bank statements, income tax forms, and/or pay stubs)
before your mortgage loan can be guaranteed. But if
you answer all the questions on the pre-approval form
honestly and completely, you should have no problem
turning your pre-approval into a guaranteed mortgage
loan.
Should
I refinance?
Click
here to find out now. |
