Helping Washington State homeowners learn more about their mortgage options.
It’s fun to visit open houses on the weekends. You may be picturing yourself living in the home, enjoying the backyard or perhaps making a few home improvements to really make it “yours”.
If you’re even thinking about buying a home, I strongly encourage you to get fully preapproved before you find yourself at an open house wanting to present an offer.
Do you know the difference between being prequalified or preapproved for a mortgage? This short video reviews the importance of being preapproved.
If you are currently preapproved with a lender, I recommend making sure that your preapproval has been underwritten by a “human underwriter” and not just “AUS” (automatic underwriting i.e. a computer). One way to make sure you have been fully underwritten is to ask your mortgage professional for the underwriter’s name…if they say “Fannie Mae” or “Freddie Mac” – that’s actually the automated underwriting system that lenders use. 😉
Being fully pre-underwritten not only helps to provide you with peace of mind with your loan approval, it also helps to expedite your closing AND may also help your offer be accepted over other offers with a weaker approval status.
If you have any questions or if I can be of any assistance, please reach out to me!
Mortgage rates have been pretty steady lately. Check out my latest video for the details.
If you’re considering buying or refinancing your home, please contact me for mortgage rates based on your personal financial scenario.
Have a great week!
Next week, I will not be providing a Mortgage Update due to the holidays. I hope you and yours have a Merry Christmas and Happy Holidays!
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Mortgage interest rates have been moving higher at a pace not seen in years. If you’ve been a subscriber to The Mortgage Porter, you may recall that I often say mortgage rates move up much faster than they come down…the jump over the last few days has surprised many. [Read more…]
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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