Mortgage & Closing Resources

Here are a few mortgage resources to assist you in getting prequalified and/or giving you information on financing possibilities. It is wise, beforemaking an offer on a property,to have a pre-qualificationletter from a mortgage institution. You know how much you can afford to spend and having the lettermakes your offer stronger to the seller. Get Pre-Approved For A Mortgage!

Tools to Help with Your Mortgage:

• Mortgage Calculators
  
  
• Pre-approved Buyer Is A Serious Buyer
  An essential first step in the home buying process entails getting pre-approved for a mortgage loan. The process involves a thorough review of your financial situation and allows you to determine the size of the mortgage loan for which you qualify.
  
  
• Mortgage FAQs
  What is the difference between pre-qualified and pre-approved? Pre-qualification represents a mortgage professional’s opinion, in which little information, if any, has been verified. A pre-approval is the result of verifying credit, income, and assets, and represents a decision as opposed to an opinion...

• Refinancing Your Mortgage FAQs
  Due to the nature of interest rate movements, mortgage rates can change dramatically from the day you apply for a mortgage loan to the day you close the transaction. If interest rates rise sharply during the application process, it could make a borrower's mortgage payment larger than he/she previously thought. To protect against this uncertainty,
  
  
• Mortgage Terms Glossary
  PREAPPROVAL: A process that mortgage lenders use to determine how much money they will lend you based on a thorough review of your financial situation. Lenders issue a pre-approval letter, which strengthens your position when bidding on a home as it shows sellers you will be able to raise funds needed to purchase...