Pre-qualification will take your own assessment of your financial status and allow you to come up with a budget for a home, as well as what you can afford for monthly payments.
Download my app today and get pre-qualified in under 60 seconds! Plus, this will help to provide you with an estimate of your monthly mortgage payments and compare various payment schedules.
A pre-approval usually specifies a term, interest rate, and mortgage amount and is typically valid for a brief period, assuming various conditions are met.
There are a few benefits to pre-approval including:
- It confirms the maximum amount you can afford to spend
- It can secure you an interest rate for 90-120 while you shop for your new home
- It lets the seller know that securing financing should not be an issue. This is extremely important for competitive markets where lots of offers may be coming in.
Keep in mind that once you get your pre-approval, you will want to make sure not to jeopardize it. Until your mortgage application and sale is completed, be sure you don’t quit or change jobs, buy a new car or trade up, transfer large sums of money between bank accounts, leave your bills unpaid, or open up new credit cards. You do not want your financial or employment details to change at all until you have closed on the new mortgage.
Reach out to me to get started today!
Tim Ward, Collingwood Mortgage Broker.
