When you complete the pre-approval stage with me, I review and assess your entire financial situation before presenting your file to a selected lender.

This allows us to confirm your financial standing and maximum affordable budget, whether you’re looking to purchase a new property, refinance an existing property, or simply switch lenders. Once I have completed my review and underwritten your application, we can either submit your application to a lender for a formal pre-approval (in cases where you’re purchasing a new property) or submit it for formal approval (in cases where we are refinancing or switching lenders). It reduces the chances of unwanted surprises that could impact your transaction, potentially leading to additional costs or penalties.

Here are three benefits of getting pre-approved:

1. The pre-approval process can simplify your home search and aid your real estate agent in finding the best home within your price range. Factoring in fees like property taxes, condo fees (if applicable), and closing costs (1 to 4% of the purchase price) ensures you choose a home that aligns with your budget for future financial stability.

2. If you are looking to purchase a property, completing the pre-approval process can allow us to secure an interest rate for up to 120 days (if applicable) with one or multiple lenders. While it doesn’t commit you to a single lender, this formal pre-approval will protect you from any potential interest rate hikes during your property search. If rates decrease, you’ll be offered the lower rate.

3. Signals a strong buyer (and borrower): Pre-approval provides you with peace of mind that securing financing shouldn’t be an issue, especially in competitive markets with multiple offers. It demonstrates that you’re a serious buyer compared to others who may not have been pre-approved. Getting pre-approved is also required to submit your file to the lender best suited to you whether buying or refinancing property.

Keep in mind that once you’re pre-approved, avoid jeopardizing it by making major financial or employment changes until your mortgage transaction is completed. Maintain financial stability to secure your pre-approved status.

Get Pre-approved ➤

If you have any questions or want to start the pre-approval process, don’t hesitate to get in touch!

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