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Rates are flat today. Today’s rates with no lender fees are 3.625% APR on a 30 year, 2.875% APR on a 15 year and 2.875% APR on a 10 year. (click here for details)

So, you’re probably going house hunting this upcoming weekend. How do I know that? A damn good guess. But don’t plan on any Realtor taking you seriously as a potential buyer without a pre-approval letter.
Check it out in today’s video:

A pre-approval is essential in shopping for your new home. It’s kind of like going to the grocery store and knowing exactly how much money you have and how much of that you can actually spend.
Otherwise, you’re just wasting people’s time…You’re wasting the Realtors time, the cashier’s time and the people in line behind you that checked their finances and are buying what they can afford.
On another note, a pre-approval can be very difficult if you are in any of these 5 situations.
1. Your parents want to cosign but are currently going through bankruptcy.
2. You are in “divorce-limbo.”
3. You haven’t been self employed for at least 2 years.
4. You have lets say “challenged” credit.
5. Your total down payment saved is less than a price of a happy meal.
If this doesn’t sound like you, go get your pre-approval. And once you and your Realtor have it, go get the best deal that you can on both your next house AND your mortgage. Do not be over sold!
If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.
Let’s change the way people shop for a mortgage…forever!
– Mike
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below.

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