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Getting pre-approved for a mortgage before looking at properties gives you a more realistic expectation of what you can afford.

 

However, keep in mind that the pre-approved amounts can overestimate what you can actually afford to pay.

 

Pre-approval does not guarantee you will be approved once you actually apply if market conditions, interest rates, or your personal circumstances change.

 

Many realtors will ask if you’ve been approved. A lender will look at your finances and figure the amount of mortgage you can afford. Then the lender will give you a written confirmation, or certificate, for a fixed interest rate. This confirmation will be good for a specific period of time. A pre-approved mortgage is not a guarantee of being approved for the mortgage loan.

 

Even if you haven’t found the home you want to buy, having a pre-approved mortgage amount will help keep a good price range in mind.

 

Bring these with you the first time you meet with a lender:

 

  • Your personal information, including identification such as your driver's license
  • Details on your job, including confirmation of salary in the form of a letter from your employer
  • All your sources of income
  • Information and details on all bank accounts, loans and other debts
  • Proof of financial assets
  • Source and amount of down payment and deposit
  • Proof of source of funds to cover the closing costs (these are usually between 1.5% and 4% of the purchase price)

 

Let's work together to make sure everything works in your favour.

 

Because YOU Deserve the Best ...

 

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