FINANCING PRE-APPROVAL

Financing Pre-Approval

Before setting out on your house hunting adventure it is important to know where you stand financially and how much money you can afford to spend on a property. The best and easiest way to do this is to fill out a Mortgage application form. A broker will be able to assess your income and debts to determine the amount of money you will be able to borrow to put towards your next property. You can get a jump start on the pre-approval process with the online application here: www.com or I can provide you with the contacts to have an application completed at the INITIAL BUYER CONSULTATION.

There are many benefits to obtaining a mortgage pre-approval.

  1. Most often a pre-approval comes with a “Rate Guarantee” that means the rate you have been pre-approved for will be honored for 90-120 days (or longer) even if rates go up.
  2. Having a pre-approval provides you with ammunition to get the lenders competing for your business.
  3. A pre-approval gives you the ability to shop with confidence knowing that if you find the property of your dreams within the pre-approval budget that you should have no problems obtaining a loan to close the sale.

*** It is important to be completely transparent when filling out your mortgage application. Disclose all debts and only declare base salary. Lenders will not give you credit for Bonus’ or overtime pay. Also, if you have a loan that you don’t include on your application (vehicle/student loan or credit card debt) the lender WILL find out when you work towards fulfilling your financing condition and failure to disclose debt may cause complications obtaining financing or could completely cause a transaction to fall apart.

Next we have to DETERMINE YOUR SEARCH CRITERIA.

CENTURY 21 Leading Edge Realty Inc. Brokerage

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408 Dundas St W, Whitby, ON L1N2M7

(905) 666-0000

leadingedgerealty3398@century21.ca

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