Mortgage Info & Your Pre-Approval

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If you’re like most buyers, a home is the most expensive purchase you’ll ever make, and you’ll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best rate.

We are happy to refer you to some excellent mortgage lenders to help you secure the best possible rate and loan for your home purchase. You may also qualify for special programs for veterans, teachers, doctors, etc.

If you are wondering if it makes better financial sense to buy or rent, try the calculator below to compare.

Rent vs. Buy Calculator

Use the advanced mortgage calculators below to assist you in making some decisions around financing your new home.

Advanced Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.

Especially in this fast-paced market, it is important to have your pre-approval in place BEFORE you start seriously looking at homes. Every offer MUST include a pre-approval letter from a lender – otherwise it will be dismissed.

It is also important to understand the difference between a pre-qualification and a pre-approval. A pre-qualification is based on limited information and will not be taken seriously by the seller and their agent. 

A proper pre-approval takes time to process. A mortgage company will not issue one before they have all the information they need to calculate your allowable monthly mortgage cost. At a minimum, they will look at your last two tax returns, bank statements and pay stubs. They will also run a credit report, which is different from the consumer can access through various online services.

Let’s say you find the house of your dreams over the weekend. If you have not been pre-approved, you may not be able to submit your offer until Tuesday, while another buyer made an offer on Saturday, negotiated it and has an accepted offer by Tuesday morning. 

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