Buying a Home
1: Mortgage | 2: Home Search | 3: Viewing | 4: Offering | Step 5: The Follow Up
Step 1: Arrange Mortgage Pre-approval
When purchasing a home, the first step is to find out what range in price you can afford. In this step, we recommend you speak with our mortgage specialist, who will arrange for a pre-approval for you which will guarantee an interest rate-hold for a period of 60 to 90 days depending on the lender. This is especially important if rates increase between now and the time you offer on a property.
Our mortgage specialist will contact you and ask you to fill out a Mortgage Application Form, which we have attached for your convenience. Once the application form is filled out it will be forwarded to a number of banks, credit unions, trusts, etc. for them to bid on your business. In a few days our specialist will contact you with the best rate available and the lending institution that is offering that rate. This rate will usually be anywhere from 0.5 to 1.0% lower than the posted mortgage rate the lending institution would have charged you if you walked in the door.
Our mortgage specialist is paid a finder's fee by the lending institution, so once again, there is no cost to you. Most of our clients use a mortgage specialist or broker, as you will get a better rate and it saves you time shopping around for the best rate. When this step is complete we will have a pre-approved purchase price range defined as well as a guaranteed interest rate-hold.