Mortgage Pre-Approval NiagaraIf you’re serious about buying a home, start by talking to me first, not your realtor! By starting with me, you’ll be able to shop with confidence and you won’t lose an offer on the home you want because your financing didn’t come through in time. A pre-approval letter is a valuable commodity when making an offer on a home. Pre-approvals are a powerful tool that allows you to negotiate with sellers and make offers with confidence. In a competitive market, it could mean the difference between getting the house or losing the house. Let me dig up any potential problems with your credit now and help you determine how much house you can afford, then you can proceed to shop! During the pre-approval process, we will discuss your big picture financial situation and address fundamental topics such as down payment amount, mortgage amount, purchase price, variable and fixed interest rates, amortization period, mortgage term and payment options. Pre-approvals often last for a period of 60 to 120 days, depending on the lender, and they are subject to continued good credit on your behalf. You might also be eligible to lock in a rate during the pre-approval process, so you don’t have to worry if rates increase before you close on your home. After the pre-approval, you’ll know the maximum purchase price you can afford and the monthly payment associated with that purchase price. By completing the pre-approval process, there’s no obligation to you to ultimately accept a deal. If you don’t find a house within the pre-approval period or you don’t like the deal, you don’t have to take it. On the flip side, a pre-approval does not always guarantee you’ll get a mortgage for the maximum amount you are pre-approved for. The final approved mortgage amount will depend on several factors, like the value of your home and the down payment amount. Don’t forget that there are several costs you need to cover on your own at the time of closing, like lawyer’s closing costs and moving expenses. |
START YOUR APPLICATION & receive a gift up to $300 off closing costs |
Pre-approvals will require you to prepare some important information about your finances.
You will need to provide basic personal info like proof of identity (driver’s license, passport, etc), SIN, proof of income (last two year’s notice of assessments is the most common), recent pay stubs and proof of additional income (if applicable). At this time, you’ll also need to provide proof of your down payment and its source. If you’re planning to use funds you received as a gift, you’ll need to provide a gift letter from the source to prove that the funds are not a loan.
You’ll also need to verify your current employment. Sometimes a pay stub is satisfactory, while other times, a lender may need to call your employer to verify employment and salary. This is typically the case if you have recently changed jobs. Self-employed individuals will need to provide additional paperwork to verify their income and business.
Just call me at 289-272-5335 and I’ll tell you exactly the information you need to provide!
You’ll also need to verify your current employment. Sometimes a pay stub is satisfactory, while other times, a lender may need to call your employer to verify employment and salary. This is typically the case if you have recently changed jobs. Self-employed individuals will need to provide additional paperwork to verify their income and business.
Just call me at 289-272-5335 and I’ll tell you exactly the information you need to provide!