Buyers, when you are getting ready to start looking for a home you will hear about being “pre-qualified” or “pre-approved”. Both show the sellers that you are serious about buying and are a good risk for the seller when signing that contract. But there is a difference between the 2. Being “pre-qualified” is much like getting all those credit card letters saying you COULD get a card for “X” rate and “Y” limit. You still have to apply for the card. Pre-APPROVED means that you’ve already applied and you are guaranteed up to “$XXX,XXX.XX” amount. Approved is the stronger position for you but be careful because they normally lock in rates for no longer than 60 days. (ALWAYS verify what your particular lender’s policies and procedures are. I am not a mortgage professional and am only speaking in generalities.)
While speaking with them you will want to find out what loan type is best for you. There are a multitude of options out there including Term Loans, Partially Amortized and Fully Amortized. You also will be hearing a LOT of terms used. FHA, VA, Conventional, Freddie Mac, Farmer Mac, Ginnie Mae and Fannie Mae and the list goes on. Head over to the Useful Links page and you can check your credit scores as well if you need to. The tools below are for getting a rough idea of what to expect. They are provided by outside sources and by no means are meant to replace the advice of a licensed mortgage professional.
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Rates, points and fees are subject to change and cannot be guaranteed. Many factors affect a loan’s interest rate, such as property type, loan amount, and/or a borrowers credit-worthiness, and the information contained herein is not a credit-approval or an offer to extend credit, as defined by paragraph 226.24 of regulation Z. For more comprehensive and up to the minute rate information please contact a licensed mortgage professional.