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Prepare for Your Mortgage

Get Pre-Approved


Before you start looking for your new home, you’re likely to require a Pre-approval from a lender. Once you have given us the appropriate details, we can help you find a lender who can help you get Pre-approved quickly.

Understand all of your loan choices

The most common types of mortgage loan are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan, such as 30-year fixed-rate mortgages, which means your monthly payments will remain the same. The benefit of this loan type is its stability. You are able to calculate your total interests up front. This type of loan is good for those who plan to be live in the home for many years and prefer the security of fixed-monthly payments. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically, buyers get a lower interest rate than a fixed-rate loan in the beginning .The rate adjusts on an annual basis after a set number of years. For example, A 7/1 ARM means the same initial rate for 7 years and an adjustment once every year after that. The main benefit of ARMs is starting off with a lower interest rate. If you are planning on selling your home in a few years, an ARM might just be the right choice for you.

Choose a down payment option and the type of Home Mortgage Loan that makes sense for you is important. Nancy’s team can help you understand all of your loan choices and give you the break down to make the right decisions.

Getting the best interest rates

Getting the best interest rates for your mortgage can save you big money when you're buying a home. Here are some tips when you prepare for loan:

  • Check your credit scores. Normally  Lenders offer better interest rates for borrowers with a credit score of more than 740. Before you apply for a loan, paying all bills on time or pay off debt will help you build up credit to qualify for a lower interest rate.

  • Increase your down payment. Interest rate will be lower if you make a down payment of at least 20 percent.

  • Lock interest rate. Buyers normally lock in interest rate 30 to 90 days before closing of escrow. Ask your lender for advice about when to lock in.

  • Adjustable-rate mortgages (ARMs). Typically buyer get a lower interest rate than a fixed-rate loan in the first few years.  If you are planning on selling your home in a few years an ARM might be a good fit for your situation

  • Pay points: You may pay discount points to buy down your mortgage interest rate.

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