Pre Approval

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Buying a home is the largest purchase most people make during their lifetime. At Dominion Lending Centres Mortgage Force, we want to educate each and every client with the mortgage process. We strive to provide info not only about getting a mortgage but also about buying a home. The home buying process is typically split into a few steps outlined below:

What is Pre Approval

A mortgage pre-approval is when a potential mortgage lender looks at your finances to find out the amount and interest rate they will charge. This helps our clients know the maximum amount of a mortgage they can qualify for, estimate their mortgage payments, and lock in an interest rate up to 120 days. Pre-approvals not only help budget for your future mortgage but also for your property tax payments. Pre-approvals can help identify potential problems that should be taken care of early in the application process.

Whether you’ve saved for your down payment or not, if you’re seriously considering buying a home in the near future, then it’s time to get pre-approved.

You should get a pre-approval even before you meet with a realtor and start looking at homes. This will enable you to set realistic expectations in terms of affordability so you don’t get caught up looking at houses that you love but can’t afford.

When you are pre-approved for a mortgage in Edmonton, you’re beginning the application process for the mortgage. To provide you with a pre-approval, a lender reviews your income, the source of your down payment, your assets and liabilities, and inspects your credit report to determine your credit-worthiness.

In addition, getting pre-approved will allow you to act quickly once you do find your perfect home, and may give you and your realtor more confidence when placing an offer.

At The Mortgage Force Team, we make sure to spend the time and effort during your pre-approval process. In some cases, prospective lenders may not do their due diligence and completely review your financial situation to guarantee that you are in fact eligible for that specific mortgage. The Mortgage Force Team will carefully spend the time and effort to review your mortgage pre-approval application so that you can have peace of mind when looking for a new home and not be caught off guard by any unwanted surprises.

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Why You NEED to get Pre-Approval

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