{"id":231,"date":"2023-03-28T08:48:43","date_gmt":"2023-03-28T08:48:43","guid":{"rendered":"https:\/\/budgetrates.ca\/?post_type=service&p=231"},"modified":"2023-05-01T14:31:54","modified_gmt":"2023-05-01T14:31:54","slug":"pre-approval","status":"publish","type":"service","link":"https:\/\/budgetrates.ca\/fr\/service\/pre-approval\/","title":{"rendered":"Pre-approval"},"content":{"rendered":"
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What is a pre-approval?<\/h2><\/div>\n
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Getting pre-approved for a mortgage is an important step in buying a home. If you are pre-approved, it indicates that a lender has determined that, based on the data you have provided and subject to certain restrictions, you qualify for a mortgage loan. A mortgage pre-approval letter will generally include a term, interest rate, and principal amount. Although it is not necessary, it is advantageous because it can help you understand how much house you might be able to buy.
\nA mortgage pre-approval gives a borrower a better idea of how much money they can expect to be approved for. The procedure is more thorough, requires more time to complete, and requires\u00a0potential borrowers to submit a full mortgage application along with a number of supporting documents.<\/p>\n\t<\/div>\n<\/div>\n\n\n\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\n\t\t

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Who is a pre-approval for?<\/h2><\/div>\n
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A prospective homeowner who is serious about buying, and ready to start house-shopping.<\/p>\n\t<\/div>\n<\/div>\n\n\n\n

How does a pre-approval work?<\/h2><\/div>
A mortgage pre-approval indicates that you are ready to move on to the next stage of the home-buying process. Our team is here to support you through the pre-approval process:<\/p>\n
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  • Your financial goals, needs, timelines, mortgage payment, down payment, purchase price, etc. will be discussed in detail.<\/li>\n<\/ul>\n <\/div>\n\t\t<\/div> \n\t<\/div>\n\t<\/div> \n<\/div><\/div>\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n\n\t
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    • You’ll get the chance to learn about and talk about your mortgage choices (fixed vs. variable rate, interest rates, payment options, amortization, etc.).<\/li>\n
    • We will take your application with your permission and ask you for information on your employment, income, assets, down payment (if any), and obligations.<\/li>\n
    • You will grant the lender permission to review your\u00a0credit report.<\/li>\n
    • Upon conditional acceptance of your mortgage, we will let you know what paperwork (proof of income, proof of down payment, etc.) you need to provide. Your mortgage cannot be fully approved until all requirements have been satisfied.<\/li>\n<\/ul>\n

      Pre-approvals are granted subject to you maintaining good credit and are typically valid for 60, 90, or 120 days, depending on the lender. <\/div>\n\t\t<\/div> \n\t<\/div>\n\t<\/div> \n<\/div><\/div>

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      What are the advantages?<\/h2><\/div>\n\t\t<\/div> \n\t<\/div>\n\t<\/div> \n<\/div><\/div>
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