Pre-approval is an important step to buying a home. Get pre-approved today and enjoy a 130-day rate guarantee – it’s free and there’s no commitment!
Get our best rate instantly We compare rates across lenders and show them to you in real time, allowing you to choose what works with your home ownership goals. No hidden fees Our Orchard Mortgage Loan Officers work for you, not for a sales commission on your loan. We'll walk you throug...
lenders also factor in the potential mortgage payment for the DTI ratio. So, if this borrower had a mortgage payment of $1,200 per month, their DTI would increase to 54 percent.
Shopping Around for Lenders While you may want to talk to a loan officer at your local bank, in most cases, when you go on the market for a mortgage, you’ll want to shop around since your local bank may not have the best loan rates. There are two ways you can do th...
As you search for a home, getting pre-approved for a mortgage can be an important step. Consulting with a lender and obtaining a pre-approval letter allows you to discuss loan options and budgeting with the lender; this step can clarify your total house-hunting budget and the monthly ...
Getting pre-qualified and pre-approved for a mortgage gives potential homebuyers a good idea in advance of how much house they can afford. But most sellers will be more willing to negotiate with those who are pre-approved. Pre-approval also allows borrowers to close on a home more quickly,...
Your pre-approved status may give you more negotiating power with a seller. Some lenders may give you a rate lock so you don’t have to worry about rising interest rates while you look for a new home. There's no cost to you and you're not obligated to accept the mortgage. ...
Mortgage preapprovals are essential for homebuyers, especially first-time buyers. They help strengthen your offer by showing sellers you're financially ready.
To get pre-approved for a mortgage, you will want to start the pre-approval process by speaking with a financial institution specializing in home loans. You will meet with a loan office or mortgage broker to review your financial situation and a loan program that will suit your needs.Choosing...
A few important factors determine whether you’ll be pre-approved for a mortgage — and at what interest rate. Credit:Your credit score and credit history are often the most important factors when it comes to getting approved for a home mortgage, and securing a competitive rate. If you have...