Mortgage Pre-approval Services in Burlington, ON

Unlock Your Dream Home with Pre-Approval Mortgages in Burlington

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 in Burlington is free, and it doesn’t require you to work with a 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.

Equifax credit bureau is pulled for all applicants. Many Banks do not pull a bureau for Mortgage Pre-approval in Burlington.
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.

To learn more about Mortgage Pre-Approval, Contact our Mortgage Brokers in Burlington, ON at Mountainview Mortgage.

GET PRE-APPROVED FOR A MORTGAGE TODAY

Discover the Ease and Confidence of Mortgage Pre-Approval in Burlington

Before you start the house-hunting process, there’s an important step you can take to save 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 in Burlington, you’ll also be able to lock in a mortgage rate in case rates increase during your home search. This step not only gives you a clear understanding of your budget but also signals to sellers that you are a serious buyer, potentially giving you an edge in a competitive market. It’s a valuable tool that can streamline your home buying process and help you make a confident and informed decision.

Expert advice tailored to your financial situation.
Competitive rates and flexible terms.
Streamlined process for faster approvals.
Personalized service to guide you through every step.
Access to a wide range of mortgage options to suit your needs.

Benefits

Choosing our Pre-Approval Mortgages offers you several distinct advantages. Firstly, you'll benefit from expert guidance tailored to your unique financial situation, ensuring you make informed decisions. Secondly, you'll have access to competitive rates and a wide range of mortgage options, guaranteeing you the best deal possible. Additionally, our streamlined process saves you time and effort, allowing you to focus on finding your dream home. Lastly, a pre-approval gives you a competitive edge in the market, as sellers often prefer buyers with Pre-Approval Mortgages, potentially expediting the purchase process.

Our Pre-Approval Mortgages are specifically designed to address the needs and concerns of potential homebuyers. We understand that navigating the homebuying process can be daunting, especially when it comes to securing financing. Our service provides you with a clear understanding of your budget and purchasing power, alleviating the uncertainty often associated with home buying.

By determining the home price you can afford, our pre-approval process helps you set a realistic budget and focuses your search on properties within your reach. This not only saves you time but also ensures you don't waste energy on homes that are outside your budget. Additionally, our pre-approval letter can give you a competitive edge in a hot market, as sellers are more likely to consider offers from buyers who have already secured financing.

Overall, our Pre-Approval Mortgages are designed to simplify the home-buying process, providing you with confidence and peace of mind as you search for your new home.

FAQs

What's the difference between pre-qualification and pre-approval?

Pre-qualification is a preliminary step where a lender estimates how much you may be able to borrow based on the information you provide. Pre-approval, on the other hand, involves a more thorough process, including a review of your credit report and financial documents. Pre-approval gives you a more accurate idea of how much you can borrow and demonstrates to sellers that you are a serious buyer.

How long does the pre-approval process take?

The pre-approval process typically takes a few days to a week, depending on how quickly you can provide the necessary documents. It's important to have all your financial documents ready, such as pay stubs, bank statements, and tax returns, to expedite the process.

Does getting pre-approved affect my credit score?

Getting pre-approved involves a credit check, which can temporarily lower your credit score. However, the impact is usually minimal, and the benefit of knowing your buying power outweighs any potential score decrease. It's a good idea to limit any other credit inquiries during this time to minimize any impact on your score.

Can I still shop around for a mortgage after getting pre-approved?

Yes, you can still shop around for a mortgage after getting pre-approved. In fact, it's recommended to compare offers from different lenders to ensure you're getting the best rate and terms. Just be sure to complete all your mortgage applications within a short period to minimize the impact on your credit score.

Need a mortgage pre-approval before you go house hunting?

Contact our mortgage brokers at Mountainview Mortgage to know more about the mortgage pre-approval services we provide across Burlington, Mississauga, Hamilton and Oakville.