PRE-APPROVAL

If you're thinking of buying a house in the near future, it is prudent to get a pre-approval on your mortgage as this will:

1. guarantee you an interest rate for up to 120 days providing peace of mind as it eliminates worrying about rates increasing while you search for the right property, should rates drop, most lenders will give you the lower rate.
2. keep you focused on shopping for homes within your price range, thus saving you the horrors of falling in love with a property you can’t afford.
3. Provides details on monthly mortgage payments, thus facilitating proper planning.

How pre-approval works

Getting a mortgage pre-approval means you’re preparing to take the next step in the home-buying process. Working with a mortgage broker to be your guide through the pre-approval process. The MortgageMc is your best partner to walk with you throughout the process to ensure your success.

We will discuss your financial strategy and needs, mortgage amount, down payment, purchase price, etc. and match these with the best mortgage options that best suit your needs. These options include fixed versus variable rate, interest terms, payment options and amortization period.

In order to complete the process we will take an application, which will require you to provide details on your; employment, income, assets, down payment (if applicable), liabilities and you will give us written permission to obtain a credit bureau report. All this will be used to acquire a conditional approval, after which you will be required to provide documentation substantiating the information provided in the application in order to meet the conditions of the approval.

It is important to note that pre-approvals are subject to you maintaining good credit and are usually good for 60, 90 or 120 days depending on the lender and the situation that suits you best.

Why get pre-approved?

1. Negotiating Power -
   Your pre-approved status may give you more negotiating power with a seller.
2. Guaranteed Interest Rate -
   Locks in an interest rate for up to 120 days providing peace of mind as it eliminates worrying about rates increasing while you search for the right property, should rates drop, most lenders will give you the lower rate.
3. Focused When Home Shopping -
   keep you focused on shopping for homes within your price range, thus saving you the horrors of falling in love with a property you can’t afford.
4. Facilitates Planning -
   Provides details on your monthly payment amounts, as well as how much your down payment will be, thus facilitating proper planning.