At Mortgage Suite, like all wicked mortgage companies, you can go from Pre-approval to Approval in a few hours. The approval is that feeling of relief, or simply getting your keys in the end; but what about the pre-approval part. A pre-approval does give that slight relief at the beginning of the purchasing process, but before you know it you are excitedly whisked away on a journey of documents, conditions, and due dates from your realtor, broker, and lawyer. A little more attention needs to be given to this wonderful thing called the mortgage pre-approval.
Here we will discuss why, when, where, how, and what they are all about.
Why get a Pre-Approval?
- A preapproval holds various rates. When the rates are on the rise it makes sense to lock a contract rate in.
- It gives you more certainty in the payment and rate. Holding the rate also holds the payment on fixed terms.
- It is provided on a certificate from the company that has granted the pre-approval.
- Some Lenders when locking in your rate do not allow a Rate Flow Down.
When to get a Pre-Approval?
- When you are thinking of buying a home
- As soon as you talk to a realtor, to be honest, the realtor should be referring you to a licensed Broker/Agent for a certificate.
- If rates are uncertain in the market or absolutely rising.
Who can get a Pre-Approval?
- In theory, anyone can get pre-approved for a mortgage amount, but it is locking the rate in that matters
- Depending on which Borrower Type you are, Triple-A Borrowers typically can lock their rate in, as lenders are vying for their business
What is a Pre-Approval – well, that is what this post is about in essence.
Where do I get a Pre-Approval?
- Almost all Mortgage Providers that offer Triple-A should provide some sort of pre-approval. That is a Bank or Broker/Agent. Outside the Triple-A lending scope, your Broker/Agent should provide, at the least, an Intent To Lend.
How do I get a Pre-Approval?
- You can contact us here at Mortgage Suite, or you can head to your local Bank Branch. At Mortgage Suite we do a pre-qualification. This is different than a Pre-Approval but it is the first step in the process to see what amount you can get Pre-Approved for.
