Mortgage Pre-Approval Made Easy
Property seekers go for pre-approved mortgage when they have little to no finance to make the downpayment for the house. A pre-approved mortgage takes away a lot of headache away from the buyer. The lender will make an offer of the maximum amount you may receive when you apply for a loan through them. This amount may vary from one lender to another. The best thing about a pre-approved mortgage is that you can agree to a mortgage rate and lock it for 4 months or so while you search for a house to buy. This prevents you from paying higher interest rates when the market is fluctuating. If the interest rates are lower the lender will apply the lower price. A pre-approved mortgage gives you the confidence to buy a property, and not wander around being unsure. Good homes are being sold at competitive prices, someone else might buy the house you have been meaning to buy. To stop that from happening you could go for pre approved loans.
Things To Remember Before Taking A Pre-Approved Loan
There are few things you should remember before taking a pre-approved loan. If your financial situation is not good enough to take up a mortgage, you should consider other means of financing the down payment. Alternatively, you could talk to our agents for various mortgage options available. Depending on your unique situation we can help you find the perfect mortgage solution. Knowing how much debt you can handle is the first step of taking an educated decision while taking a pre-approved mortgage. You should evaluate whether you will be able to make the monthly payment by evaluating your household’s net revenue and your per month expenses. The money left after paying car payments, bills, credit card payments is what you will have left to pay off your mortgage. There could be other expenses such as expenses of living in Canada, closing costs of your previous house, kid’s expenses, your daily expenses ,etc. We have helped you determine the among of loans you can comfortably pay off so you can agree to a pre approved loan.
Compare Mortgage Rates Before Agreeing To A Pre-approved Mortgage
Pre-approved mortgages are good and all but they may not have as good an interest rate. We highly suggest doing research in the market for interest rates. Our mortgage agents help you do the proper research and get you interest rates in the market. You could get loans from private lenders and other options as well. We help you negotiate the best terms so you get the best of the situation. Able to get lower interest rates can make a difference of thousands of dollars when you pay off your mortgage.
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We Help You With The Paperwork
Getting a pre-approved loan requires you to have proper documentation. We can help you get all the necessary documents in place. We know what documents are required and we will guide you through the whole process so you don’t feel lost. Documents such as ID proof, credits reports, proof of assets, proof of income are some of the documents. If there are special documents needed in your case such as self employed proof, proof of payment of previous loans, etc, we will let you know.
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