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'll 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 loan officer
to arrange a pre-approved mortgage and discuss the features you're looking for. It could
take a just few days and will eliminate potential headaches down the road.
Pre-Approved Mortgage Features to Look For
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Competitive interest rates. You may be willing to pay a little more to get
the flexible features you desire.
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A 90-day rate guarantee. This will protect you against rising interest rates
while allowing you to take advantage of falling rates.
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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.
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Closing Costs. Ask about the lender's policy with respect to closing.
