A Mortgage or Home loan pre-approval is available from most lenders at no cost and is generally valid for three months. It is a good first step in the home buying process.  This pre-approval determines, without obligation, the amount you can borrow, the interest rate, and your payments. A pre-approval application is assessed in exactly the same way as a full approval. The only difference is that the property you will purchase has not yet been determined.   Once you have a copy of this, I will add it to your file.  This allows me to have up to date information about your financial situation and gives me an edge in the negotiation process.

Why is mortgage pre-approval important? 

Mortgage pre-approval is important for a number of reasons:

• It determines the maximum mortgage loan for which you qualify.
• It allows me as your realtor to show you a range of properties in your price range.
• It allows me to make a realistic offer on your purchase, and saves time in the negotiation process.  With a pre-approval in place, we need less time for a finance condition in an offer
• It holds the interest rate for a period of 90 days, guarding you against rate fluctuations.
• It provides peace of mind during the home buying process.