Mortgage Pre-Approval
This is the first step in buying a home.
Pre-approvals are great for a number of reasons... Here's a few of the main ones:
Help you understand what purchase price is affordable and attainable for your specific situation.
Place a hold on the mortgage rates available today, protecting you from possible increases down the road.
Give you the confidence you need to make winning offers on homes!
Pre-Qualification vs. Pre-Approval: What's the difference?
PRE-QUALIFICATION
A pre-qualification is the lesser committed version of the two. Essentially, it's an estimate of your maximum purchase price based on the information you provide and my professional opinion. A mortgage lender is not involved in the pre-qualification process.
It involves you submitting an application then providing me with the requested supporting documentation. It's up to you whether you want me to do a credit check or not, but the more proven information I have about you, the more accurate my estimate of your maximum purchase price will me. I will review all of the information you've given me and let you know what your approximate maximum purchase price might be , what obstacles you may be faced with, and what steps you may need to take before buying. There is no cost involved whatsoever.
PRE-APPROVAL
A pre-approval is a more formal version of a pre-qualification. In this process, both myself and a mortgage lender review all of the information you provide and give you a definite maximum purchase price based on your situation at the time of submission, along with a certificate that provides a hold on the rates available at the time of your pre-approval.
Much like the pre-qualification process, a pre-approval involves you submitting an application then providing me with the requested supporting documentation. I do a credit check and confirm your mortgage preferences, then submit your application to a mortgage lender for their review. If approved, you'll receive a Pre-Approval Certificate that states your maximum purchase price, the date the pre-approval is valid until, and the rate they are willing to offer (provided your situation stays the same!). This can be helpful in a rising interest rate environment, or give you a competitive edge if you're in competition while making offers.
SO... WHICH ONE IS BETTER?
In the end, it's completely up to you! It depends on what you're hoping to get out of the process. If you want to see if you're maybe in a position to think about buying a house, then a pre-qualification is a great start. If you're ready to start putting offers in, maybe a pre-approval makes more sense. In either case, you can start your application now. Once you start your application, I'll reach out and we can figure out together which one makes the most sense for you and your situation.
Looking to get pre-qualified or pre-approved?
Look no further!
Whether you are a first time buyer or you already own your home and are contemplating purchasing another home, vacation property or an investment property, you are going to LOVE working with me! I make the pre-qualification/pre-approval process very simple, easy and straightforward while providing you with quick responses.
We will assess your affordability, current debt load and address any credit issues that may need correcting, then put a plan in place to make your home buying plans a reality.
Contact
Deb Hall | Mortgage Broker
Call or text: (705) 543-1503
deb@debhallmortgages.ca
BRX Mortgage Inc.
Brokerage Lic. 13643