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Pre-Approved Mortgage

What is a pre-approved mortgage?

 

Pre-approved mortgage is a rate hold for 90 to 120 days, with all condition outstanding. Lenders will assess your finance based on the information provided and offer the maximum mortgage amount based on the income and debt’s declared. Be prepared and collect the the required documents in advance.90 days history of banks account, Pay stub, Notice of Assessment and Employment letter to name a few.

 

The realtor that you work with may require proof that you have qualified for a mortgage.Knowing how much you can afford to spend will help your real estate agent narrow down the homes that fit your approved price range. A pre-approved mortgage is not  a guarantee that you are secured for this mortgage amount, it is an acknowledgement  that  you have a rate hold with the lender for a period of time. Lenders must verify your income, down payment, and property information before you will get a final approval. The final approval will occur only when there is a accepted offer with a signed Contract of Purchase and Sale in place. Income down payment and  all supporting documents are verified and an appraisal of the property is reviewed.

 

A mortgage broker will help you secure a pre-approved mortgage with the lender of your choice . The broker acts as an intermediary between you and the lender in order to ensure you receive a competitive mortgage rate with the terms that your require. To ensure that there is a rate hold in place, ask to see the lenders certificate or obtain written verification of the rate and  the expiry date. when you place an offer make sure that the completion date is on or before the expiry date.   Ratehouse mortgage brokers are specialist in the industry and can offer great mortgage rates  and free advise across Canada.


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