Frequently Asked Questions

• Why finance with NE Moves Mortgage?
• What is the difference between pre-approval and pre-qualification?
• How long is a pre-approval valid?
• When does it make sense to refinance?

Why finance with NE Moves Mortgage?

NE Moves Mortgage is a top lender in New England with relationships with over 100 national and local institutions. Many of these lenders delegate the approval of the loan to NE Moves. Working with NE Moves gives you the best selection of products and competitive rates to meet your needs as well as a quick decision.

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What is the difference between pre-approval and pre-qualification?

"The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer. "

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How long is a pre-approval valid?

Pre-approvals are valid for a specified period of time. This time period is determined by the age of your submitted paperwork used to pre-approve you as well as the age of the credit report used in your pre-approval process. Asking your NE Moves Loan Officer for an updated pre-approval letter is a smart move as rates tend to fluctuate and sellers look for pre-approved buyers from a well-known and respected local lender.

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When does it make sense to refinance?

"Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation: Calculate the total cost of the refinance Calculate the monthly savings Divide the total cost of the refinance (#1) by the monthly savings (#2). This is the ""break even"" time. If you own the house longer than this, you will save money by refinancing."

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