why get preapproved for a mortgage

Getting preapproved for a mortgage is a helpful first step in the homebuying process and can help you edge out the competition. But it’s important to do your diligence ahead of time to help make the process as smooth as possible and ensure that you get the best rate and terms available .

compare home loans interest rates Mortgage interest rates – With a loan as big as a mortgage, the interest rate can add many thousands to the amount you will pay over the entire term. The lower the rate the less you will have to pay. So it’s worth taking time.

When it comes to shopping for credit cards, while pre-qualified or pre-approved sound very. gauge types of cards you might get approved for. For instance, let’s say you don’t pre-qualify for a card.

5 Things You Need to Be Pre-approved for a Mortgage . FACEBOOK TWITTER LINKEDIN By Michele Lerner. Updated Mar 25, 2019 .. 5 Things You Need To Get A Mortgage Pre-Approved .

What Is Mortgage Pre-Approval. Interest Rates. As interest rates go up and down, you can get in on a locked rate before they go up again. You can lock in an interest rate if you are pre-approved, as soon as you have a signed purchase contract. A lower interest rate will save a lot of money over the life of that mortgage.

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The answer is simple, getting pre-approved for a mortgage! There are many buyers out there who don’t understand why it’s important to get a pre-approval. In fact, many of them believe they don’t need a mortgage pre-approval before looking at homes.

Or you can even get pre-approved online from any number of national online mortgage lenders. Wherever you go, this pre-approval isn’t binding, but it’s a formal(ish) indicator of your ability to get approved for a mortgage.

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Congrats, you got pre-approved for one of the biggest loans of your life – a mortgage. Don’t get too excited just yet: There’s lots to do before you actually get the loan. Securing a pre-approval is the first step of the home buying process .

Get Preapproved for a Mortgage Loan To get sellers to take you seriously. of a home inspection and the ability to get a clear title to the home, which is why you have title insurance. Get the Keys.

Mortgage pre-approvals are not a guarantee . While a pre-approval is proof that we are willing to make you a loan, it is not an official commitment until you complete.