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Information alone is not enough. A professional mortgage broker has something far more valuable: years of experience and your needs in mind. They put the information in context, they anticipate the variables and find the best loan for you. This is the kind of help you don't want to be without.

Pre Approvals

If you’ve already saved for your down payment and you’re anticipating buying a home in the next three to six months, it’s time to consider getting pre-approved for a mortgage. Pre-approvals give you a clear idea of what you can truly afford, making this an essential step to take before beginning to look seriously at houses.

Why Get Pre-Approved?

  • You’ll be able to target homes that you already know you can afford: You’ll save time and avoid becoming attached to homes that are ultimately out of your price range
  • You can act quickly to place an offer when you do find a home you love
  • When you make an offer on a home, the seller is more likely to take your offer seriously, and you may even have more negotiating power
  • There are no costs, fees or obligations associated with pre-approval

How Does Pre-Approval Work?

Let’s start by clarifying the difference between being pre-approved and being pre-qualified. When you’re pre-qualified for a mortgage, it means a lender has given you a rough estimate of how much you can afford to spend on a home based on your income and savings. For pre-qualification, your financial information does not need to be verified and your credit is not checked.

Pre-approval is another step up from pre-qualification, in which you’re basically beginning the application process for the mortgage. When you’re pre-approved for a mortgage, a lender has officially committed to loaning you money to buy a home.

In order to issue a pre-approval, a lender will review your income, the source of your down payment, your assets and liabilities, as well as your credit report. You’ll need to provide a record of employment, income, confirmation of your down payment, as well as details of your assets, such as vehicles and investments; and your liabilities, such as credit card debt and other loans.

After reviewing your finances, the lender will determine the maximum loan amount you qualify for, and provide you with a letter of pre-approval. This letter is the lender’s commitment to loan you money, and it often guarantees a certain interest rate for 60 to 120 days. Keep in mind that this amount is usually the absolute maximum loan you could qualify for, so you may not necessarily want to shop for houses in this high price range. This pre-qualification also does not guarantee that your mortgage application for a specific property will be accepted.

If you would like to learn more about the pre-approval process or to start the pre-approval process, you contact us here and speak to one of our representatives today.

"Dare to compare with Canada's award winning mortgage team. We work for you and not the banks so we always have your best interests in mind."

James Harrison, President


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