Get Approved in Advance!

Pre-approved Mortgages

A pre-approved mortgage is a home loan that has been tentatively agreed upon by a lender. It outlines how much money you will receive for specific terms and a certain interest rate. Pre-approved mortgages can come in many forms such as residential mortgages, conventional mortgages, variable rate mortgages, fixed-rate mortgages, short-term mortgages, and long-term mortgages. It’s ideal for potential homeowners to decide which mortgage is best for them and seek out mortgage approval before finding a property to buy.

Why Pre-approved?

Pre-approved mortgages allow the house-hunting process to go smoothly and allow you to know your budget ahead of time. Being approved in advance lets you know exactly how much you can spend on a property and allows you to search for the right homes within your budget from the beginning. It also allows you to calculate your monthly mortgage payments ahead of time to make sure your expenses line up. Most importantly, pre-approved mortgages ensure peace of mind. You know before buying a property that you are able to receive a loan from a lender and won’t need to worry about qualifying.

Another benefit of pre-approved mortgages is they allow the borrowers to lock in the interest rate at that point in time. Our pre-approved mortgages are guaranteed for 120 days and the rate will not increase during that time. Pre-approved mortgage also give borrowers credibility with sellers. By being approved in advance, it gives people selling their home some peace of mind. Not only does it show you are financially capable but also serious about purchasing a property. This results in more negotiating power for you.

What info is needed to get approved?

You’ll need to gather the necessary information regarding your employment such as the name of your employer, the length of your employment and your current salary, as well as annual salaries for your household. Any other income that adds to your total net worth such as commissions, bonuses, investments should also be included.

You also will need to let the lender know your current financial situation including debts. This includes bills, child support, alimony, credit card debt and any loans you may have.

Free Advice

We’re happy to assist you or answer any questions you may have about Pre-approved Mortgages. All of our consultations are free. Simply contact us and set up an appointment.