Can I get pre-qualified or pre-approved for a home purchase loan before I've found my property?
Absolutely. However, you should not confuse a pre-approval with a pre-qualification. During the pre-qualification process, our Mortgage Consultant will ask you a few questions and hand you a pre-qualification letter. The pre-approval process is much more complete.

What is a pre-approval?
During a pre-approval, our Mortgage Consultant does all the work of a full-approval, except for appraisal and title search. When you are pre-approved, you become like a CASH BUYER and have more negotiating leverage with the seller. In some cases (especially in multiple-offer situations), having a pre-approval can make the difference between buying a home and not buying a home. In other instances, home buyers have been able to save thousands of dollars as a result of being in a better negotiating situation.

Most good Realtors will not show you homes before being pre-approved because they do not want to waste your time, the seller's time, and their time. GMC Mortgage Services will pre-approve you at minimal or no cost. We will typically need to check your credit and verify your income and assets.

How do I increase and protect my credit rating?
Here are a few general tips to assist you in raising and maintaining your credit score:
  • Maintain two to three revolving charge accounts (such as Visa or MasterCard) in good standing.
  • Have a couple of other credit card accounts, such as department stores or gas cards, in good standing.
  • Avoid "finance" company credit card offers.
  • Avoid credit inquiries-they lower your credit score.
  • Don't max out your credit cards-the ratio of available credit to your total credit balances is very important.
  • Don't apply for multiple credit lines; this triggers an inquiry of your credit, which lowers your credit score.
  • Never co-sign a loan for someone else top

How long will it take to close the loan?
If everything goes smoothly, we should be able to close in as little as 10 days.

Should I refinance?
The significant and most common reason for refinancing is to save you money. You can save a lot of money every month by lowering the interest rate on your current loan. How much you can save depends on a lot of factors. You have to consider how much it will cost in fees in order to realize the savings in your payment. Saving money through refinancing can be achieved by obtaining a lower interest rate, which causes your monthly mortgage payment to be reduced or by reducing the term of the loan, which saves money over the life of the loan. Even if the fees get added on to the loan balance, they're still there. A good option for a lot of people is to get a loan with no points or fees. But those loans come with higher interest rates.

You may also consider refinancing in order to convert your adjustable loan to a fixed loan. The main reason for this is to obtain stability and security offered by a fixed loan rate over the term of the loan. Adjustable rates are popular when rates are higher whereas when rates are low most people tend to lock in for a fixed loan rate.

If your intentions are to consolidate debts and replace high interest loans with one low rate mortgage than you may want to consider refinancing. The loans being consolidated may include second mortgages, credit lines, student loans, credit cards, consumer charge cards, or other debt you may have. In many cases, debt consolidation saves you money by saving on taxes and avoiding paying high interest rates. Mortgage loan interest is tax deductible whereas interest on consumer loans is not tax deductible.

What should I do to help financially prepare for a home loan?
Here are a few tips to assist you when it comes to applying for a loan:
  • Use cash instead of credit for your purchases.
  • Avoid making any large credit purchases—the added debt could impact your ability to qualify for a loan.
  • Contact creditors immediately if you have a problem or concern about your ability to make payments on time.
  • Put money aside into savings so you'll have a financial cushion in case of an emergency.