5 Easy Steps to Get You Pre-Approved For a Mortgage
1. Talk with a mortgage advisor ideally someone who comes highly recommended
There are hundreds of options to choose from when it comes to lenders. Independent mortgage brokers tend to offer the most options because they do not just work with one bank. However, if you have a good relationship with your financial institution, contact them or I’d be happy to recommend someone as well.
2. Complete and submit your application with the mortgage advisor
They will collect your financial and personal information to find out how much mortgage you can carry.
3. Gather all the necessary documents
The mortgage broker will give you a list of documents that the banks/lenders need to finalize the mortgage.
4. Verification of your details
They will do their checks and balances to make sure you are not getting in over your head.
5. Obtain a copy of your pre-approval
This is a powerful negotiating tool, especially in multiple offer situations. The seller of your dream home will feel more confident that you are the right person.
Having Pre-Approval Documentation Can Offer Other Benefits:
- Saves you time by only looking at properties that you can afford.
- Rate guarantees and mortgage terms can save you money for years to come.
- Less stress throughout the process. You will know that you are ready and capable of buying.
- Get a better deal on the home that you want.
- Sellers like to know that buyers already have financing in place.