- Mortgage Process
- Why F1RST CHO1CE
- Mortgage Values
- Why Casey Charlton
- Mortgage Basics »»
- Mortgage Solutions
- » Purchasing A Home »»
- » Pre-Approvals
- » Mortgage Refinancing
- » Mortgage Renewals
- » Tax Smart Mortgage
- Mortgage Products
- Mortgage Insurance »»
- Mortgage Partners
- Mortgage Tracking
- Mortgage RATES »»
- Mortgage Calculators
- CMHC Resources »»
- Mortgage Closing Costs
- Mortgage Credit »»
- Mortgage FAQ’s »»
- Mortgage APPLICATION
- Mortgage Review
Get pre-approved and lock in today’s rates for up to 180 days!
Pre-Qualified, Pre-Approved…What’s the Difference?
When you’re pre-qualified for a mortgage, a lender has simply given you a good idea of how much you may be able to finance to buy your home.
When you’ve got a pre-approved mortgage, a lender has made an actual commitment (subject to conditions such as a property valuation) to loan you money. A Mortgage pre-approval should be your first step when you’re seriously about buying a home.
Why should you get pre-approved for a mortgage?
- You’ll save time and disappointment by only looking at homes you can afford.
- You can better manage your money, knowing your monthly payment amounts, as well as how much your down payment will be.
- Real estate agents will serve you better because they know you’re a serious buyer.
- When you make an offer to purchase, the seller is more likely to give it serious consideration because you have solid financial backing.
- Your pre-approved status may give you more negotiating power with a seller.
- There’s no cost to you and you’re not obligated to accept the mortgage.
- Your rate will be guaranteed! – if the rates go up, your safe, if the rates go down, you get the lower rate!
- You’ll know what you need to do, should you not qualify at this time, so that you can in the near future.
What happens during the pre-approval process?
- You and your mortgage advisor will discuss your financial strategy and needs, mortgage amount, down payment, purchase price, etc.
- You’ll learn about the various available mortgage options (fixed vs. variable rate, interest terms, payment options, amortization, etc.) and discuss which of them best suit your needs.
- With your consent, we will complete a mortgage application, which will require you to provide details on such items as employment, income, assets, down payment (if applicable) and liabilities.
- You’ll give me permission to obtain a credit bureau report.
- We’ll advise you ahead of time what documentation will be required so there’s no surprises. (income confirmation, down payment confirmation, etc.)
At F1RST CHO1CE Mortgage Solutions we’re passionate about sharing our knowledge, experience and unbiased opinions with borrowers who are looking for a trusted advisor to help them with their financing options.
ANY QUESTIONS?…Contact a Mortgage Advisor today!