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Mortgage Tips - Value of Pre-Approvals
In the real estate market, timing can be everything. When you find the house of your dreams, timing can be the determining factor as to whether you get it or not. Don’t wait until that point, to see if you qualify for a mortgage.
By applying for a pre-approval, you can get a realistic idea of the price range you can afford. You can also get a lot of the detail done that is needed in order to finalize the mortgage (eg. obtaining letters of employment, or bank statements, etc.). This way, when you find the house you want to purchase, you only need to add the property information to your application in order to get final approval. This will greatly reduce the time needed for that final approval.
If you are having difficulty qualifying for a mortgage, we can discuss the obstacles, and help you find solutions to them. The sooner we start that process, the better off you will be.
When pre-approvals are obtained, most lenders will guarantee that rate for 90-120 days, so it may help you avoid a higher rate if interest rates go up before you buy. So don’t delay, but call me now for a pre-approval application.
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