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A mortgage pre-approval will help you determine the maximum amount of money that you can borrow for your home plus a guaranteed interest rate for up to 120 days. Getting pre-approved for a mortgage will give you peace of mind knowing what home you can likely afford and puts you in a good position to make an offer when your dream home comes onto the market.




Why Get Pre-Approved for a Mortgage?


Real estate agents will know you are serious about your home buying intentions and ready to buy which may provide leverage in the negotiation process, especially when there are multiple parties bidding for the same property.



 

What Happens During the Pre-Approval Process?


 

  1. You will meet with an experienced Mortgage Professional who will ask you about your financial standing and needs, down payment, income, credit, and type of property you are hoping to buy.
  2.  Your Mortgage Professional will discuss the various mortgage options (fixed vs. variable rate, interest terms, payment options, amortization, etc.) available to you and which option best suits your needs. 
  3.  Your Mortgage Professional will provide you with an application which will require you to provide details of employment, gross income, assets, down payment, and liabilities. 
  4.  When you apply for a mortgage and you appropriately consent, we will request a copy of your credit report to determine your credit qualification. 
  5.  Your Mortgage Professional will advise you about any other relevant documents to provide upon conditional approval of your mortgage 



 

                                Guaranteed Rate


You are under no obligation when you’re pre-approved to accept the mortgage, but you should still feel comfortable with the amount and terms of your pre-approved mortgage. When you are pre-approved for a mortgage you can lock in that interest rate which is typically guaranteed for 90 – 120 days. You can rest assured that if the rate drops, we adjust your rate for you, and you are protected if the interest rates should rise.


By discussing mortgage pre-approvals with your Mortgage Professional, you will have a good idea of what kind of mortgage payment you can comfortably fit into your budget.

Rates

 

A SIDE (Based on qualifying terms)

5 Year -

Variable Rate Prime - .10% = 2.35%

Fixed High Ratio -  2.69%

Fixed Conventional - 2.79%


B SIDE (Bad credit/Low income)

1 Year or 2 Year Fixed - 3.69%

3 Year-3.99%


PRIVATE LENDER'S

First Mortgage - 5.49%

Second Mortgage - 6.99%

Third Mortgage - 10.99%


All rates are subject to change without notice. Rates and Terms must meet qualifications for each program.