Mortgage pre-approval helps in facilitating a quicker loan application process. Before providing a written statement outlining how much you are qualified to borrow, a lender will typically start the mortgage pre-approval process after analyzing your credit and income data. Thus, you will be able to submit an offer for a house more quickly, preventing another bidder from purchasing your dream home.
A seller should make sure a buyer is confident about the purchase and has the financial means to buy the property.
Contact NowFollowing a mortgage pre-approval in Canada, and an evaluation of your finances, you can start acting right away.
If other prospective home buyers are not pre-qualified for a loan, your mortgage pre-approval could be the difference maker.
A mortgage pre-approval in Canada enables you to:
Getting mortgage pre-approval before you start looking for your future home has a number of advantages.
For 120 days, your mortgage will be protected. Rates may increase, but you can lock in a rate with your lender.
Pre-approval will provide you negotiation power with the house seller and will make you appear like a more serious buyer.
The final closing will go more quickly if you have a mortgage pre-approval because the majority of the process is already done.
