All About Pre-Approvals

Are you in the market for a new home? That’s great – but have you already been pre-approved?

Pre-approvals are very important for two reasons.

They give you confidence in knowing that a specific amount of financing is available for you.

A pre-approval can put you in a positive 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 will say something along the lines of “Great, you are pre-approved.” The mortgage professional has only looked at your income. There is no real pre-approval.

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 still isn’t a sure thing.

The third kind of pre-approval 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.

How Client First Mortgage Solutions Can Help You

If you are in the market for a new home and would like to get a pre-approval, contact one of our experienced Mortgage Advisors. Also be sure to read this Home Buyers Resource Are you financially ready for a mortgage? for some helpful hints. Buying a home is one of the biggest financial decisions you will make, so it is important to know your financial situation. We can help you!

Original Article – Dominion Lending Centres – July 5, 2018