What all goes into the mortgage pre-approval process? I'm joined today by lender Kevin Walsh to help me explain.
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I'm joined today by Kevin Walsh of First Home Mortgage to help me talk about why mortgage pre-approvals are so important here in the Washington D.C. real estate market.
The process of a new homebuyer getting pre-approved typically starts with a real estate agent referring them to a lender for a one-on-one conversation that eventually leads to the buyer giving the lender the documents they need. The lender will go through your income and liabilities and quickly be able to tell you what kind of purchase price you can look at.
The pre-approval process usually only takes a few days, or as long as it takes to fill out the application and get the required financial documents.
When it comes to actually buying a home, the question of what will happen with interest rates in 2017 is a popular one. As Kevin says, rates have ticked up recently and the Federal Reserve has announced that they will likely go up again this year.The pre-approval process usually only takes a few days.I want to thank Kevin for joining me today. If you have any mortgage questions or you're interested in getting pre-approved for a mortgage, you can reach him at (301) 448-5151.
If you have any questions about real estate or you're thinking about buying or selling a home in the D.C. area, you can always give me a call or send me an email. I'm here to help.