Ready to start house-hunting? ….let’s get your mortgage pre-approval so you can shop with confidence

Buying a new home is an exciting time! I’m here to give you expert advice and help you every step of the way. The first step is to get pre-approved to ensure you are looking at homes within your price range. The other great benefit to a pre-approval is securing a rate for 120 days while you look for a home. If rates happen to rise within 120 days, you have a low rate secured for your purchase. (If rates decrease you will automatically get a lower rate) 
Lastly this will give you the payment details to help you build a budget for your new home. 

What is required to get a Pre-Approval 

1. Income verification – this can range from pay stubs to T4’s or full tax filings depending on your type of employment.

2. Credit check – to ensure your credit is within the range for most lenders and address any issues or debts that may need to be cleared up prior to buying a new home. 

3. Down payment – lenders will want to know how much you are putting down on a new home and where the down payment is coming from.  

Can I put an offer in on a home once I’m pre-approved? 

Yes, but please ensure you still write the offer subject to financing. A pre-approval is not 100% guaranteed. The lender will want to approve the property and the price that was agreed upon. In most cases we will have a good idea if your file will be fully approved by reviewing all the documentation up front. However we always want to err on the side of caution with your biggest purchase in life and get the full approval from the lender. In most cases this usually takes 5-7 days.