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Lock In Rates During Pre-Approval Process

Posted on June 15, 2022 by Tamara.

With so much competition out there in the real estate market today, we are always looking for new ways to give our clients at Mortgage Maestro Group a leg up. As the supply of available homes has been shrinking these past few years while demand and interest rates continue to rise, pre-approval has become a more and more important first step towards getting into your dream home. As a result, we have recently adapted and expanded our pre-approval process to give our clients greater leverage in the market.

A lot of times in the past, interest rates could only be locked in for homebuyers once they were officially under contract with a lender. This meant that there could be a significant period of time between being pre-approved and finalizing a mortgage on your new home. When there is a high level of market volatility, as there is right now, this can leave you stuck with a higher interest rate than you would like. In response, Mortgage Maestro Group is now working with clients to lock in interest rates during the pre-approval process at no cost to them. On average saving clients .25% in rate at the time they go to close. First we will take a full look at your financial situation to make sure that we find a mortgage that is affordable and fits your needs. This will allow you to assess the price range that makes sense for you. Then, your rate will be locked before you begin making offers. This is a very unique way to protect yourself from rising rates, all while having not gone under contract yet!

Having an interest rate that is locked in will not only give you an important piece of mind, it will also give you leverage against other buyers.While you look for the home that is right for you, we will work with underwriters to get you credit approval before your contract is accepted. With the formal credit approval complete, you are now in front of the line for offer acceptance. This coupled with a locked rate, will reduce anxiety of the uncertainty that normally exists during the process of buying a home. This not only gives both you and the seller confidence that the transaction will move forward, but the seller can rest assured you are not going to fall out due to financing contingencies. All thanks to expanded credit pre-approval. Have questions? Contact Mortgage Maestro Group at 303-779-0591

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