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Mortgage Pre Approvals

For those of you that have never owned a home before, you likely do not grasp the importance of mortgage pre approvals. It is a crucial facet of making the purchase of a home go faster and less stressfully. While the outset of shopping for a home can be thrilling, it loses its attraction when you continually get let down with high prices you cannot afford. By starting your housing search with a pre approval, you will know exactly how large of a loan you will be able to acquire. This means, once you pass the information to your realtor, that you will only be shown homes you can actually afford. This is beneficial in saving you time and minimizing frustration.

It is discouraging to fall in love with a home you have been shown only to discover soon after that it is well out of your price range. Unneeded heartache and discouragement can be avoided with mortgage pre approvals. There is no risk of loan denials when you are pre approved, so there is no stressful waiting period to find out if you can put the money down on your dream house or not.

If you have the ability to bargain, you will fare better in competing with other interested buyers of the home you are looking into. The best properties attract multiple offers, yet only one family can “win” the bargaining game. If you approach the seller with a mortgage pre approval, they will know your seriousness and actual ability to pay the money you are offering on the property. Only better offers than yours also accompanied by mortgage pre approvals will be able to compete with your offer to the seller. This powerful bargaining position will allow you to put a stop to the bidding war and save yourself considerable amounts of money!

Not only do mortgage pre approvals save you money on the home when you purchase it, you can also guarantee the interest rate once you take out the loan. For around three months after your get pre approved, the interest rate is locked into place. This means you must take out the loan before too much time has passed to benefit from this. Obtaining a mortgage pre approval before you locate a realtor to work with will make finding one much easier when the time comes. Overall, mortgage pre approvals remove frustration, extra costs and stress from the home-buying experience.

Current Mortgage Rates

Mortgage Term Rate  
1 year5.00%
2 year8.00%
3 year2.19%
4 year2.79%
5 year3.20%
7 year3.79%
10 year4.39%

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