Dara Somel - Your Mortgage Expert
Do I Need a Mortgage Pre-Approval?
The short and long answer is YES! Knowing exactly how much home you can afford before you begin house hunting will save you a lot of stress and will give you the confidence you need that you are looking in the right price range, and that you are ready to go! A pre-approval will save you time when it is most important, and gives you real negotiating power when it comes time to writing an offer.
Getting pre-approved means completing a full mortgage application before you go house hunting. A pre-approval with most lenders or via a 'quick app' will only be a 'rate lock,' and potentially leaves you at risk and racing to solve issues during subject removal when time is of utmost importance. We take the time to underwrite the pre-approval application as the lenders will when you have an actual offer, so that there are no surprises waiting for you when it matters most!
Lenders will look at your personal covenant, meaning your income, credit, and down payment, as well as the property itself. We make sure we have looked through all the personal covenant documents and information, so the only piece of the puzzle to work on when you have an offer is the property! The more we prepare on the front end, the smoother and quicker the experience is once you have found your home!
With a pre-approval on a mortgage:
You can confidently shop for a home
You know how much you can spend
You know how much your monthly payments will be
You know the highest interest rate you will have (if you purchase within the rate lock period)
You will be protected against interest rate fluctuations since your interest rate may be guaranteed for up to 120 days - if rates go down within these 120 days, your rate will be lowered
You become a more attractive buyer and real estate client - the Realtor and seller know you're serious and it may put you in a better position against other homebuyers who are not pre- approved.
Call or email TODAY to obtain a pre-approval and rate lock!