Video #1 – Mortgage Pre-Approval
A mortgage pre-approval shows you, the homebuyer, what price of home you can afford and the mortgage payments associated with various purchase prices. It also guarantees a mortgage rate for a period of time (usually 90 days), that will lock in your rate if potential rates increase. You are not obligated to accept the pre-approval from the the bank or mortgage broker that you received your mortgage pre-approval from and there is no cost to you. You can always negotiate with the bank and make adjustments to their offer before you commit and you want to ensure that their offer meets your needs. A pre-approval can give you piece of mind in the home buying process!
To understand what lenders look at when you apply for a pre-approval, watch the video below.