When looking to purchase a new home, many buyers like to have a mortgage pre-approval done to ease their state of mind. Not only will a pre-approval tell you how much you will qualify for, but it will also hold your mortgage rate for up to 90 days in case rates start to climb while you're shopping around.
In the past pre-approvals have had a quick turn around time with most lenders but today, be prepared to wait a few extra days. With mortgage rates being at an all time low the number of refinances are drastically increasing. This, combined with all the new Spring buyers, is boosting the number of applications sent to lenders forcing them to put pre-approvals on the back burner for the time being.
If you're thinking of having a pre-approval done to secure your rate, call me today.
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The Mortgage Centre