A mortgage loan pre-approval is one of the smartest moves you can make when shopping for a house.
Here's why getting your loan pre-approved is so important:
The pre-approval process establishes an all-important relationship between you and your lender.
Getting pre-approved tells you the maximum the lender is likely to loan you, which helps you narrow down your home search to affordable properties.
You can get an idea of what your monthly payments would be.
You'll have more credibility with real estate agents and with sellers if your loan is pre-approved. Some agents won't take you seriously until you have the pre-approval. They don't want to waste their time, or yours.
Mortgage loan approval takes time. If you wait to apply until you're ready to make an offer, you could lose out on the home to someone who is pre-approved.
The lender often will lock in an interest rate, which protects you if rates rise while you are shopping for a home.
If your circumstances don't qualify you for a low interest rate, you'll know that going in. You might decide to look in a lower price range to make up the difference.
Pre-approval gives you at least some peace of mind, which you will appreciate during the often-stressful process of buying a home.
Knowing how much you can spend is easy: Get pre-approved today for a mortgage before you start any serious home-shopping.
Annual Percentage Rate (APR) calculations assume single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than 80%; a minimum FICO score of 780; and a loan amount of $300,000 for conforming loans or $500,000 for jumbo loans, unless otherwise specified. Annual Percentage Rate (APR) calculations assume no subordinate financing and that the borrower will provide full income documentation. On ARM amortization, the Annual Percentage Rate (APR) calculation assumes an indexed rate (Margin + LIBOR/T-Bill Index) after the initial fixed period of the ARM.
Rates may be higher for loan amounts under $300,000 and over $500,000. Please call for details. Rates are subject to change without notice. Closing Costs assume that borrower will escrow monthly property tax and insurance payments. Subject to underwriter approval; not all applicants will be approved. Fees and charges apply. Taxes and insurance are extra. On refinance transactions, the Annual Percentage Rate (APR) calculations assume a rate and term refinance. 30 Day Rate Lock. Rates based on Pennsylvania property. Third party rate comparison information is deemed to be reliable but not guaranteed. Restrictions may apply
Rates are provided for informational purposes only and reflect the average daily rates of several lenders. Rates are subject to change without notice and are available upon approved credit only.
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