Mortgage Rate Update: Jan 3rd

Mortgage rate update: January 3rd 2025: 

Overall mortgage rates decreased slightly since last week. It will be interesting to see where rates end up at the end of the month.  Since 2003 Matt ranks in the top 7% of all Realtors on the Outer Banks in total sales volume and number of houses sold. Contact Matt today to get the process started to find your Outer Banks property.

Rate Information provided by: Kelly Tolson-Arbor Home Loans-Mortgage Loan Originator, NMLS# 664230

The Importance of Getting Pre-Approved

Buying a property on the Outer Banks is a big financial decision. One crucial step in the buying process is getting pre-approved for a mortgage. This step can make your home search smoother and more efficient. Here’s why getting pre-approved is essential and how to go about it.

Why Get Pre-Approved?

1. Know Your Budget: Pre-approval gives you a clear understanding of how much you can afford. This helps you focus on homes within your price range, saving time and effort.
2. Strengthen Your Offer: Sellers are more likely to take your offer seriously if you’re pre-approved. It shows that you’re a serious buyer with the financial backing to close the deal.
3. Identify Potential Issues: During the pre-approval process, lenders will review your credit history, income, and other financial factors. This can help identify any issues that might affect your ability to secure a loan, giving you time to address them before you start house hunting.

How to Get Pre-Approved

1. Gather Your Documents
2. Choose a Lender
3. Submit Your Application
4. Receive Your Pre-Approval Letter

Getting pre-approved for a mortgage is a crucial step in the home-buying process. It not only helps you understand your budget but also strengthens your position as a buyer. By gathering the necessary documents, choosing the right lender, and submitting your application, you can navigate the pre-approval process with confidence and ease.

If you are looking to purchase on the Outer Banks give Kelly a call today to get pre-approved and see which lending program is right for you!