Why Get Pre-approved for a Mortgage?
Getting pre-approved allows you to find out how much a mortgage lender is willing to lend you and at what interest rate. With a pre-approval, you can do the following:
- Lock in an interest rate in case interest rates rise before you purchase a home.
- Estimate your mortgage payment.
- Know the amount you qualify for a mortgage.
Before you start shopping for a mortgage or home, you should verify your credit report is in order.
A pre-approval is the maximum amount one would receive from a lender.
A pre-approval does not necessarily guarantee that you will get the mortgage loan. Once you’ve found a home the lender will want to verify that the home or property meets certain standards before approving the loan.
What to Bring to A Pre-Approval Meeting
- Proof of employment
- Proof of current salary
- Position and length of time with the organization
- Proof of down payment
- Recent financial statements (bank accounts, investments)
- Current debt or financial obligations
- Credit card balances and limits
- Child support or alimony amounts
- Car loans or leases
- Lines of credit
- Other loans
Mortgage Brokers Can Help
AMBA members are the best in the business and adhere to strict ethical rules and regulations determined by the association.
Use our Find a Broker directory to search for an AMBA Mortgage Professional to help you with your mortgage.
*Source Financial Consumer Agency of Canada