Things to know about Mortgage Pre Approval!
Looking to buy a new home? Your home is probably your greatest investment. So make sure all your bases are covered.
Not sure if you are qualified for a mortgage? The Mortgage Agents at Ontario Lending Group are here to help.
Here are a few things you need to keep in mind for a mortgage pre-approval.
The mortgage pre-approval process
For mortgage pre-approval, the lender assesses your financial situation to determine the maximum amount that can be lent and the interest rate for the amount.
The mortgage pre-approval amount is the maximum amount you may get. There is no guarantee that you’ll get a mortgage loan for the pre-approved amount. The approved mortgage amount depends on the value of your home and the amount of your down payment. It is advisable to look for properties in a lower price range so your budget isn’t spread to its limit.
Here is how a mortgage pre-approval can help you:
• You will know the maximum amount of mortgage you can qualify for
• You can estimate your mortgage payments and plan accordingly
• You can lock in on an interest rate, depending on the lender
How do you qualify for a mortgage?
To qualify for a mortgage, you will need to prove to your lender that you can afford the amount you are applying for. The lenders will examine your financial situation to determine the amount you can be lent.
Lenders will consider information such as:
• Your income
• Your expenditures
• The amount you wish to borrow
• Your debts
• Your credit score
• The authorisation period
Get in touch with our mortgage agent today for more information on the mortgage lending process. If you have any queries, just speak with us. We will be on hand to assist you.