Getting a mortgage pre approval is the first step towards home ownership. During this process we will discuss your options and begin looking in to what type of mortgage will suit your lifestyle best.

Mortgage Pre Approval

While mortgage pre approval calculators and online pre approvals have their place, they don’t give consumers any guarantee that they can get approved when it comes time. They only guarantee that if you, and the property, are approved, you won’t pay higher than a given rate.

Mortgage Pre ApprovalDon’t get me wrong, getting a rate hold is an important first step because it gives you an idea of what purchase price you can afford and it protects you against rate increases, for up to 120 days, while you shop. But you, the buyer, and many Realtors want a more accurate idea of what you can be approved for. Also, many Realtors will not start shopping until you have a pre approval letter to ensure you are looking in the right price range given your unique situation.

We want to ensure the only real difference between a our pre approval process and a mortgage approval is the details of your new
home. We will gather the same documents, pull your credit and review your file thoroughly to ensure you won’t be disappointed once you find the home of your dreams.

Mortgage Pre approvalThe same cannot be said for a bank pre approval. They simply don’t go through the same level of due diligence with their mortgage pre approval process. Borrowers are often left frustrated once they have a pending offer on their dream home, only to find out they are declined at the bank that pre approved them.

Again, keep in mind that any pre-approval isn’t guaranteed until the lender has had a chance to review the property. The type of property, where it’s located and the condition of the property all play into whether a lender will agree to finance your purchase.

Another reason talking to us first can save you time and disappointment!

You’ll find more information on what documents you’ll need for your mortgage application on our Resources page.

Talking to a Mortgage Broker and getting pre-approved is the first step in the home-ownership dream!