Before you start shopping for a home it is best to consider having a mortgage pre-approval to determine your ceiling purchase buying power.
In the mortgage pre-approval process, your realtor will want to understand your shopping goals.
It is best to start them on a price range you wish to start your bidding for a new home. This does not have to be your ceiling price but should be a range you are comfortable with for monthly payments.
We will determine what mortgage payment you can afford. This will be based on the insurer or lender guidelines as well as your down payment and credit.
We can lock a mortgage rate for up to 120 days, so you can shop with comfort knowing that you have a rate protected. If interest drops, we will be able to move your rate downward. If rates rise, you are already protected for the 4 months.
HOW TO QUALIFY FOR
For the mortgage pre-approval, we will require a short list of information to determine your buying power. This will give us a full underwriting of your approval as well as your credit.
Interested in pre-approval for first time home buyers?
BENEFITS OF USING A BROKER FOR
Many banks will not do a full underwritten approval, and clients will be declined on their home purchase because something like their credit rating or income does not meet their guidelines. This is why it is best to consider using a broker.
Another reason for using a broker is the fact that the bidding happens, many times, outside of banking hours. You can be assured that we will be available in the evenings or on weekends to determine your final bid amount or if increasing your bid is an option.
This pre-approval can be done remotely, using our online client portal for uploading documents. Once we have the documents uploaded, we can run your approval and discuss your buying options. It can give you an edge on bidding, as you are already financially qualified and know it will result in a quicker sale acceptance and a possibility of removing the finance condition to solidify your bid win.
Call or book online to review your mortgage pre-approval options to start your home buying!
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WHY CHOOSE US FOR MORTGAGE PRE-APPROVAL?
Let us help you approach buying a home with confidence and with the added protection of availability after hours and on weekends.
Your realtor will be happy to know you have a team member that will help them get an accepted offer.