Mortgage Pre-approval Services in Burlington, ON
Before you start the house-hunting process, there’s an important step you can take to save you time and make the process smoother: getting pre-approved for a mortgage.
A Mortgage Pre-Approval determines the home price you can afford which allows you to budget for your home purchase and focuses your home search. With a Mortgage Pre-Approval you’ll also be able to lock in a mortgage rate in case rates increase during your home search.
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What is a Mortgage Pre-approval?
A mortgage pre-approval is a process that provides you with important information to help you with your home search. When you get pre-approved for a mortgage, you’ll find out:
- The maximum amount you can afford to spend on a home
- The monthly mortgage payment associated with your maximum purchase price
- What your mortgage rate will be for your first mortgage term
Applying for a mortgage pre-approval is free and it doesn’t commit you to one single lender. However, getting pre-approved does guarantee that the mortgage rate you are offered by a lender will not change for 120 to 160 days.
By “locking in” your mortgage rate, you’re protected if interest rates rise while you’re shopping for a home.
The following steps are done for all my clients.
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Equifax credit bureau is pulled for all applicants. Many Banks do not pull a bureau for Mortgage Pre-approval.
- full underwriting process is done .
- All income documentation is collected in advance to ensure accuracy fromapplication
- Purview Broker Report - This is Land registry report that will provide information on the property of interest. Estimated value of property isprovided along with Mortgage information.