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Mortgage Pre-Approved

Are you searching for a new home?  That’s great – but if you’re not already Pre-approved from your mortgage broker, be sure to read this article.  Getting your Mortgage Pre-approved is very important for two reasons.

  1.  It gives you confidence in knowing that a specific amount of financing is available for you.
  2. Having your Mortgage Pre-approved can put in in a better negotiating position against other home buyers who aren’t pre-approved.

Not all Pre-approvals are the same though.  There are essentially three different kinds.

  • The first occurs when you meet with a mortgage professional and tell them how much you make.  They’ll say something along the lines of “Great, you’re pre-approved for a certain amount”.  This is not a real Pre-approval, as the mortgage professional has only looked at your income.
  • The second kind is when a mortgage professional asks you how much you make and then pulls your Credit Bureau.  This allows a mortgage professional to lock in your mortgage rate for up to four months.  This Pre-approval is better, but is is till not a sure thing.
  •  The third kind of Pre-approval – and the one that we do – is a lot more encompassing.  We get all of your papers prepared right off the bat, which allows us to eliminate any unforeseen issues with your approval.  Sure, it’s more work up front – but we do this because it’s the right thing to do.

If you’d like to get pre-approved, contact us!  We’re here to help.

Original article: dominionlending.ca

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