How to Get Mortgage Pre-Approval in Jacksonville, FL

How to Get Mortgage Pre-Approval in Jacksonville, FL

Learn How to Get Mortgage Pre-Approval Easily

Wondering how to get mortgage pre-approval in Jacksonville, Florida? Mortgage pre-approval helps you stand out from other home buyers in a competitive housing market. 

Under the current economic conditions, mortgage rates have risen dramatically, leaving many buyers wondering how to get a mortgage without paying more interest.

In this post, our team at Your Home Sold Guaranteed Realty – Phil Aitken Home Team will walk you through how to get mortgage pre-approval in Jacksonville. We’ll also discuss what you can do to navigate high interest rates.

What Is Mortgage Pre-Approval?

So, what is mortgage pre-approval? Mortgage pre-approval is a status you receive that shows your financial situation has been reviewed by a lender and approved for a home loan. 

Mortgage pre-approval signals to the home seller that you are able to actually afford the home. As a result, they can rest assured that you have serious intentions and won’t waste their time.

When you get pre-approved, you’ll receive a pre-approval letter that shows how much you’ve been approved to borrow. This letter helps you stand out from the sea of other potential home buyers.

This makes mortgage pre-approval essential for any home buyer hoping to get a deal in competitive housing markets, including Jacksonville, Florida. 

Your pre-approval status could be the reason your offer gets accepted over other buyers because the home seller knows you won’t have any trouble securing financing.

But mortgage pre-approval is also beneficial to you as a home buyer. When you know what loan amount you’re working with, it makes it easier to shop for homes within your budget and estimate all the financial payments you’ll make during the home-buying process, such as appraisal fees and closing costs.

How to Get Mortgage Pre-Approval in Jacksonville, FL

The first step to getting mortgage pre-approval is getting your financial documents in order. You’ll need to show proof of your:

  • Creditworthiness
  • Proof of income
  • Debt-to-income ratio
  • Employment verification

You can prove these things through bank statements, W-2 forms, and pay stubs. Once you’ve gathered all your information, you’ll need to find a lender. You can either go directly to a bank, credit union, or secondary market lenders like Freddie Mac and Fannie Mae. 

You can also work with a mortgage broker, who essentially serves as a middleman between you and the banks, and can help you compare all your options.

Based on the financial information you provide, the lender will let you know what loan amount you qualify for. This includes how much of a down payment you can expect to make and what the interest rate will be.

Don’t be afraid to shop around and visit several different lenders to see if any of them offer better deals than the others. You can also negotiate with one lender if you know there’s a second lender willing to offer you a better deal.

3 Ways to Navigate Rising Interest Rates in the Current Housing Market

With interest rates at highs of just a little over seven percent, many home buyers wonder if there are ways they can avoid paying so much in interest.

Ultimately, you can’t change the interest rates. But there are a few tricks you can use to decrease how much interest you pay.

First, you can save up and make a larger down payment. This will leave you with a lower principal. As a result, you’ll pay less interest since the amount of interest is based on the principal.

Another option is to buy mortgage points. Mortgage points are fees that you pay to your lender in exchange for a lower interest rate. One point is equivalent to one percent of your mortgage. 

Depending on how much your loan is and how long you plan to live in the home, buying mortgage points can be a great way to save money in the long run.

Lastly, another way to navigate rising interest rates is by using an adjustable-rate mortgage instead of a fixed-rate one. Adjustable-rate mortgages are generally better during turbulent housing markets. 

This is because they offer an initial fixed-rate period for the first several years that comes with a lower interest rate. After this fixed period, the rate begins to adjust. 

Starting out with an adjustable-rate mortgage to ride out the challenging market and then refinancing to a fixed-rate mortgage when terms are more favorable may be a good way to help you save money when buying a home in Jacksonville.

Our Team Can Help You Find a Lender in Jacksonville, FL

Want to learn more about how to get mortgage pre-approval in Jacksonville, Florida? Our team of experienced realtors at Your Home Sold Guaranteed Realty – Phil Aitken Home Team, can help you out.

We have a network of lenders that we routinely partner with, and we can help you figure out the best mortgage deal for you based on your desired home. On top of that, we offer several buyer’s guarantees that make the home-buying process as risk-free as possible.

We’ve successfully helped thousands of home buyers find their dream homes in Jacksonville, Florida, and we know we can do the same for you. To learn more about working with our team, give us a call at (904) 544-5252 or fill out the form below. We look forward to helping you find the perfect home!

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Phil Aitken, Owner/Broker
Phil Aitken is the Owner/Broker with Your Home Sold Guaranteed Realty - Phil Aitken Home Team and has over 13 years of Real Estate experience. Phil’s faith and desire for his family’s continued security fuel his business growth and leadership. The Phil Aitken Home Team continues to profoundly impact the people of Jacksonville via supporting several faith-based organizations. Phil gives back a portion of every real estate transaction to The Tim Tebow Foundation and Rethreaded. Find Phil's full story here.