Pre-Approved Loans
Obtaining a Pre-Approved Mortgage
Why go house hunting only to find that you don't qualify for a mortgage
on the dream home you've found? Having a pre-approved mortgage will give
you the confidence of knowing exactly what you can spend on a home before
you start looking. You will also be protected against interest-rate
increases while you look for your new home.
Once you've done your homework and shopped for the best rate, meet with
the loans officer to arrange a pre-approved mortgage and discuss the
features you're looking for to tailor payments to your needs. It could
take a few days, but give your lending institution about two weeks. It
will eliminate potential headaches down the road.
Pre-Approved Mortgage Features to Look For
- Competitive interest rates. You may be willing to pay a little more to get the flexible features you desire.
- A 90-day rate guarantee. This will protect you against rising interest rates while allowing you to take advantage of falling rates.
- Flexible payment options. These enable you to tailor the mortgage to your lifestyle. Discuss payment frequency and lump-sum payment options. Find out if your lending institution will allow you to skip a payment in special circumstances or double-up on your payments.
- Closing Costs: ask about the lender's policy with respect to realty tax holdbacks on closing.
