Whether you are a first time home buyer, looking to buy a second home or an investment property, the first step in the process is to get pre-approved.
What is a pre-approval?
A pre-approval is a process where a lender reviews your income, employment, credit and assets. After reviewing the credit qualifications, the lender will issue a pre-approval letter mentioning how much home loan you might qualify for.
Why should I get pre-approved?
There are several reasons:

    You will know how much loan you qualify for.
    You will know how much your estimated payments would be. Sometimes, even if you qualify for more, you would like to keep your payments lower because of other obligations.
    Most real estate agents (especially the good ones) will not show your properties till they are sure you are pre-approved for a mortgage.
    Sellers won’t consider your offer to buy, till a pre-approval letter is attached to the offer.
    If there are any red flags, it gives you time to work on it and correct it before you buy a house.


If your rates are below the current market rate and you thought you couldn’t refinance – think again. There are several reasons to refinance. In some cases, even if you get rates higher than your current rates you could still end up saving a ton of cash.

Below are top 3 reasons why you should refinance. Whatever your current situation is, chances are you can find at least one reason for your benefit.
Two caveats being – You should qualify and you should be comfortable with a higher payment.
Move to a Longer Term: Sometimes, it’s the other way around. You got into a short-term mortgage to save on interest costs. But because of changed circumstances, you are finding it difficult to service the steep payments. In that case moving from a 15 Year Fixed to a longer-term like 20, 25, or 30 Year mortgage may be a better idea. You will save on your monthly payment and get the breathing room that you are looking for.

Eliminate Mortgage Insurance (MI or PMI) Premium: Either your home prices have gone up or you have paid down enough on your principal or it’s a combination of both. You are at a point where you have 20% equity in the house or you can bring in some cash to do that. If that’s the situation and you currently pay mortgage insurance – it’s time to get rid of the pesky mortgage insurance.
Remember, as a married couple filing jointly, if you make more than $110,000 a year, the mortgage insurance premium is not even tax-deductible.
Get a Lower Rate: If none of the above reasons apply to you, it could be that you simply have a higher rate than the market. Maybe you had bad credit when you got the loan or you were on a sabbatical in a cave during the last 5 years. If that’s the case, you have the most uncomplicated reason to refinance. Simply ask for our best Luchehcko Mortgage team rate  and we will get you started on the refinance process.

The average consumer enters into a purchase contract to buy a home for at least 30 days. Pricing on an interest rate locked in for a 7-day period is of no use to most prospective home buyers. It simply isn’t enough time to complete the transaction. While the billboard advertising or Internet banner ad may boast a terrific rate, the lock-in period is often not realistic in terms of providing enough time to negotiate a purchase contract and close the deal.
So, be very careful when shopping for interest rates. Make sure that when you are quoted a rate, you are asking the broker what the lock duration is. Make sure that the lock period allows you enough time to complete your purchase transaction.
Additionally, the consumer must take into consideration that the interest rate is not the only important factor in obtaining financing. Another equally important question to answer is, “How long do I need to borrow this money? The length of time you need to borrow the money has a profound impact on whether or not you should be paying upfront fees (points), and likewise has bearing on your loan program selection. Call Lucehhcko team for the best mortgage rate on the market!