First-time home buyers are often unsure of what they can afford to buy and that can make the buying process confusing. I am happy to connect my clients with professional and qualified Mortgage Brokers to go through your options and arm you with the best information to help you make the right decisions for you. Seasoned buyers can also benefit from current, up to the date information and lending solutions they might not have considered! 

What is a Mortgage Pre-approval?

Mortgage pre-approval should be the first step in the home-buying process. Mortgage pre-approval is a complete review of your financial situation, providing the price point you should be considering. It will also tell you what your potential mortgage payments would be in that price range. 

You will need to provide supporting documentation to the lender, who will then assess your situation, including your credit rating, to determine if you meet all the requirements. Sometimes a mortgage pre-approval can provide a mortgage rate guarantee for a specified length of time. This can protect you from possible rate increases that could occur while you search for the home you want to buy. It is                                                                                important to ask your lender about this at the time of pre-approval

Once you have your pre-approval, you will receive a conditional commitment in writing for a specific loan amount. This allows you to look for a home at or below that price level with confidence knowing you can afford it.

• The property you decide to purchase may be subject to a bank appraisal and will need to be valued at purchase price to secure the mortgage.
• If you make any major changes to you personal financial situation during the time you are pre-approved (i.e. large credit purchase, delinquency in payments) it could impact your pre-approval.