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How to Get the Lowest Mortgage Payment
The Importance of Getting Pre-Approved
ALL buyers should get pre-approved by a mortgage broker BEFORE beginning their house search. Here are some reasons for getting pre-approved:
1. Helps you know just exactly how much you can afford so you don’t waste time looking at properties you can’t purchase.
2. You can get a rate hold for up to 120 days. This will protect you in case interest rates go up while you’re looking for your new home. If rates go down, you will get the lower rate.
3. It costs you nothing.
4. It may allow you to write a non-subject offer increasing your negotiating power if another buyer is interested in buying the same home you want.
So what is the process?
1. Contact your mortgage broker and fill out an application.
2. Your mortgage broker will then pull your credit bureau to see your credit score.
3. You will need to provide verification of your income and source of down payment.
4. Once these first 3 steps are completed, your mortgage broker will then submit your application to the lender to get it pre-approved.
5. The lender will send the mortgage broker a mortgage commitment, stating the terms and conditions upon which you are pre-approved.
Another thing you need to know is that with a pre-approval, the FINAL approved mortgage is still subject to the lender approving the appraisal on the home you have chosen. So just be aware that when you put an offer on a home and it gets accepted, you will still need to have the lender approve the appraisal on that property.
Well, I hope this has been helpful to you. If you’re buying and you haven’t been pre-approved yet just click here or just shoot me a quick email or call my cell and I’d be glad to help you out. I wish you all the best on your home search!
Why Should I Use a Mortgage Broker?
There is a world of information out there about mortgages. But how do you know which is the right information? Information alone is not enough. A professional Mortgage Broker has something far more valuable: years of experience and your needs in mind. They put the information in context, they anticipate the variables and find the best loan for you. This is the kind of help you don't want to be without.
A CENTUM Mortgage Broker is your essential partner in the mortgage process.
Mortgage Brokers save you time
With an experienced and knowledgeable Mortgage Broker, you don't have to wade through complex choices and become an expert. They help you make the smartest decisions.
Mortgage Brokers handle the details
A professional Mortgage Broker navigates through the obstacles and manages every transaction with the real estate agent, lender, appraiser, credit agency, and lawyers - always with your best interest in mind.
Mortgage Brokers give you choice
Mortgage Brokers have access to a wide panel of lenders which gives you access to an extensive range of products and services.
Mortgage Brokers help you avoid unnecessary risk
Mortgage Brokers can identify products with unforseen penalties, fees and charges and save you the pain of a bad decision.
Mortgage Brokers have negotiating power
Your professional Mortgage Broker has established relationships with lenders and that elevates their negotiating power on your behalf.
If you are looking for a great mortgage broker, please call Laurence or Quinn at Centum Mortgage Partners today.
