Use the links below to get up to speed on current mortgage rates and trends. However, please don’t assume that you qualify for the lowest posted rates unless you have excellent credit, strong income and a healthy bank account.
- Mortgage Calculator
- Credit Basics
- Interest Rate Trends
- Looking for the Best Mortgage
- More Tips on How to Get the Best Mortgage
Loan Pre-Approval
You will soon be ready to search for homes that are “right” for you. Much of the preliminary work can be done online. However, before we can schedule any showings, you will need to talk to a lender and provide them with a number of documents in order to obtain a “pre-approval letter.” Your lender will use your document copies to verify four important lender concerns:
- Identity – Are you who you say that you are?
- Employment and/or Other Income — Will you be able to make the payments?
- Assets — Do you have the funds to cover up-front costs and reserves?
- Mortgage and/or Rent History — Do you consistently pay on time?
Your loan officer will also review your credit report to see if you meet the credit standards required by the mortgage programs available to you.
When you receive your pre-approval letter you will see that it states your maximum loan amount and/or purchase price, as well as several additional conditions that will need to be satisfied prior to closing. We can use the loan information from your pre-approval letter to assist you in selecting neighborhoods that contain homes in your price range.
Other Phase #1 Action Items