Why do I need a pre-approved Mortgage?
October 7, 2015 | Posted by: Dawn Stephanishin
When you’re house hunting, you need to know the amount of mortgage you qualify for before you choose the house to avoid any disappointment. The preapproval will show you your new mortgage payments,down payment required and the guarantee that your interest ratewill be held for a specified period of time (for example 90-120 day rate guarantee). This way you can shop within your price range,you don’t have to worry about rates rising, and both realtors and sellers will know you’re serious about purchasing their home. Itpays to be realistic and to make sure you can afford the payment for the amount pre-approved for in a new mortgage, and don’tforget to add the annual property taxes, house insurance and maintenance costs into your household budget.
Once you decide to purchase a home and the financing isapproved, make sure you do not make any significant changes after getting the preapproval by changing jobs, adding new debtor missing payments, don’t co-sign for another loan, or use yourdown payment money!
We are happy to help make your new home purchase a rewarding experience, give us a call to get started!