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Mortgage Pre-Approval
Government Programs for Home Buyers
- Boost Credibility with the seller
- Lock in an interest rate for 60 to 120 days
Best Mortgage Rates
The benefits of getting a pre-approval
By obtaining a pre-approval, you can speed up the process of securing a mortgage loan drastically. When you get pre-approved for a loan, you will generally have a lender review your income and credit information in advance and then they will provide a scribed statement that denotes how much you would be eligible to borrow.
Lendevi Expert Advice
Boosted credibility with the seller
It is very important for a seller to consider a buyer who buying a home to be affordable and that that buyer is quite sure about his purchase.
5% on the first $500,000 = $25,000
10% on the next $200,000 = $20,000
A total of $25,000 + $20,000 = $45,000
Portability
If you plan to live in the home for more than five years, you need not worry about portability that is, shifting the mortgage to a new property.
Low-Frills Mortgages
If you don’t plan on moving, refinancing or making huge prepayments in the upcoming five years, you can consider low-frills mortgages.
Extra-Savings
Most first-timer buyers opt for a 5-year fixed rate because they cannot afford an interest risk.
Hybrid Mortgages:
If you do go variable, look for one that maintains your payment the same regardless of interest rate variations. It’s easier for budgeting and gives you peace of mind if rates start climbing.
Boosted credibility with the seller
It is very important for a seller to consider a buyer who buying a home to be affordable and that that buyer is quite sure about his purchase.
Greater flexibility for taking action
With your finances already evaluated during pre-approval, you can take immediate action when you find the home you want to purchase.
An advantage over other buyers
If you are up against other prospective home buyers who have not been pre-qualified for a loan, then your pre-approval may just what you need to gain the upper hand.
Mortgage insurance
We Offer To You
STEPS & PROCESS
Easy Approval Process
CHOOSE YOUR SERVICE
Why You Should Choose AKAL Mortgages Inc.
Borrowers
- When we say YES! We stand behind our promise
- Mortgage solutions based on your needs and qualifications
- Fast approvals and quick closings
- Save time and money
- Lower mortgage rates due to lender discounts and promotions
- Licensed, knowledgeable and experienced
- Protect your credit score
Brokers
- The Most Important: Dedication to our agents!
- Bootcamp-3-days: Learn Lead Generation, Products and Underwriting
- Training: Weekly training and industry updates, One on one support
- Mentoring: Specialize in Residential, Business and Commercial
- Lead Generation: Proven successful campaigns to generate leads
- Personal website; mobile Apps; online virtual meetings, e-signatures
- Lenders: VIP access to more lenders and top tier compensation
- Professional office (at no cost to you): Meet your clients at the office
FAQ
Frequently Asked Questions
The pre-approval amount is the maximum you may get. It does not guarantee that you’ll get a mortgage loan for that amount. The approved mortgage amount will depend on the value of your home and the amount of your down payment. It may be a good idea to also look at properties in a lower price range so that you don’t stretch your budget to its limit.
With a pre-approval, you can:
- Know the maximum amount of a mortgage you could qualify for.
- Estimate your mortgage payments.
- Lock in an interest rate for 60 to 120 days, depending on the lender.
- There are several benefits to getting a Pre-Approval before you start searching for your next home.
- Your mortgage will be secured for 120 days. Even if rates go up, yours won’t.
- Pre-approval will make you look like a more serious buyer, helping you find a good realtor and can give you negotiating power with the home seller.
- A mortgage pre-approval will make the final closing faster since you already have most of the work completed.