Why You Should Get Pre-Approved

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
Email: mortgage@suttonmember.com