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Posted by Lavinia Woodburn, Mortgage Agent on 03/24/2016

Pre-Approvals

Pre-Approvals

Ready to begin your home search?  Before you start, getting a mortgage pre-approval is an important first step. Get pre-approved today and be ready to start your home search tomorrow!  

We are here and ready to help you with either of these services:

  • A mortgage pre-approval  -  A mortgage pre-approval is a commitment from a lender  for a specified mortgage amount based on a preliminary review of your income, assists, and credit information.
  • A mortgage pre-qualification  -  A mortgage pre-qualification is an estimated amount of what you may be able to borrow based on basic financial data you provide. This is not the same as a Pre-Approval as you do not receive an actual commitment from a lender.


Benefits Of A Pre-Approval:

You'll Be Considered A Serious Buyer. -  A pre-approval letter proves to real estate agents and sellers that you’re a serious buyer.  Your Real Estate agent will consider you a credible buyer knowing that they are showing you homes you are financially qualified to purchase and are able to act fast when you find the home you want to buy.

You'll Have Negotiating Power -   A pre-approval can make you stand out in a competitive real estate market, as the seller will take your offer more serious knowing you have the financial backing to fulfill on the offer to purchase.  In some cases sellers might even require buyers to submit a pre-approval letter with their offers, though having a pre-approval letter does not guarantee that your offer will be accepted by a seller.   

You'll Save Time - You'll save time by only seeing homes that you qualify for.

Budgeting - You will know how much your monthly payments will be, as well as your down payment requirement.

Rate Hold - The  pre-approval will guarantee you a great low rate for up to 120 days and usually allows for a rate decrease if rates go down.   

May Allow For A Faster Closing - A pre-approval may allow for a faster closing since some of the application process has already been completed.

It's Free And With No-Obligation - Getting a mortgage pre-approval is completely free and you are never obligated to accept the mortgage.

Our team of experts look forward to helping you achieve your dream of homeownership!  For more information about getting pre-approved or any other mortgage product, contact The Mortgage Queen at 647-899-7377 or email us at info@MortgageQueen.ca


Ready to get your Pre-Approval now?  

APPLY NOW and we'll contact you once your application is received!



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