Did you know that bond rates are at an 8 month high? This may result in an increase in rates, so if you are planning on refinancing or purchasing It doesn’t hurt to get your pre-approval now!
Here is some helpful information about pre-approvals:
- They are rate holds ONLY and are briefly underwritten/generally just glanced through. Most importantly, they are not sent to the insurers
- Although they’re only rate holds, if any major red flags are observed on the application, lenders may not issue the rate hold
- For the initial pre-approval, there must be a current credit report (within 60 days) attached to the application
- Fixed rates are held for 120 days
- ARM’s are held for 60 days
- The rate hold is product specific and doesn’t offer blanket rate holds. ie. If you get a rate hold for a 5 year fixed that is the ONLY Rate/Product that we’ve held for you
- The amount you are pre-approved for doesn’t matter, if the deal comes in as more/less than the pre-approval amount, that’s perfectly fine
- When the deal becomes “live”, we re-submit your application as a live deal and quote the rate that was held along with the pre-approval reference number in our notes
Please contact us if you are interested or have questions about pre-approvals.
Sutton Member Program Toll-Free: 1-866-521-9557