Importance of getting a Mortgage Pre-Approval

Getting pre-approved for a mortgage is something every potential home buyer should do before going shopping for a new home. A pre-approval will determine what dollar figure to work with and guarantees a rate hold while you are house hunting.

In order to get pre-approved for a mortgage, a mortgage professional requires a short list of information that will allow them to assess your financial situation, and let you know what you can spend.

Licensed mortgage professionals can lock-in an interest rate for you for anywhere from 60 – 120 days while you shop for your perfect home. By locking in an interest rate, you are guaranteed to get a mortgage for at least that rate or better. If interest rates drop, your locked-in rate will drop as well. However, if the interest rates go up, your locked-in interest rate will not, ensuring you get the best rate throughout the buying process.