Fairway – Mortgage Home Loans – Norfolk
Welcome to Home Buying at Its Finest!
Top Local Online Mortgage Loan Officer (Lender) at Fairway Mortgage Home Loans who assists with pre approval process through the entire home loan purchase experience.
Mortgage Pre Approval*
What is a mortgage pre-approval and how does it affect me?
How much house can I afford? Click to view a simple mortgage calculator!
A loan pre-approval is a creditor report indicating the maximum mortgage loan you qualify for. The creditor will first assess your financial history, looking at your earnings, credit report, assets, and other relevant financial information. With mortgage pre-approval, you will have a clear picture of the home value you can afford, while showing that you are a serious buyer. Obtaining pre-approval can put you in a much better position than other buyers who are putting in offers on the same house. A mortgage lender will be easier to find with pre-approval, and you can lock in an interest rate and other conditions that will work for you.
Learn more about getting pre-approved for a home loan.
What’s the difference between pre-qualification** and pre-approval?
If pre-qualification is the audition, then pre-approval is the dress rehearsal for the show that is actual loan application. Without getting into the financial particulars, a creditor will use a mortgage pre-qualification to provide you with an estimate of the mortgage value you will likely qualify for and some preliminary loan terms. With an estimate of your credit rating, the creditor can give you some projections, including the expected purchase price of the home you can afford, your down payment, monthly debts, and possible ways to structure your loan.
Compare current mortgage prices.
A pre-approval, on the other hand, is an official application. The creditor will review your complete financial history and give you an offer in writing for your qualified loan at a given interest rate. Even with a mortgage pre-approval, your loan must be underwritten, a due diligence process completed in the last phase before granting a loan, once you have a home under contract.
View current mortgage rates!
When shopping around for mortgage rates, you have the best chance of receiving the lowest possible interest rate by visiting a wide variety of creditors. Locking in a lower interest rate can save you tens of thousands of dollars over the lifespan of your mortgage.
With Fairway Mortgage Home Loan’s user-friendly mortgage rate tool, you can compare current loan rates of interest, whether you are a first time home buyer looking at a 30-year fixed mortgage or a longtime homeowner comparing refinance mortgage prices.
Find personalized mortgage prices.
Use our mortgage rate tool to find the most competitive mortgage prices on the market right now. Simply specify your desired zip code and then let us know whether you are buying or refinancing. After clicking on Get Started, you will be prompted for the home’s cost or value, the size of the down payment or present loan balance, and your credit score. You will receive a personalized rate quote, without providing any identifying information. From there, you can begin the process of getting pre-approved for your mortgage. It’s that easy!
***A pre-qualification is not an approval of credit and does not signify that underwriting requirements have been met.