MortgagebyPoonam.ca

Hello all ! Today I am telling you briefly about the preapproval process . So from a tentative assessment(pre-qualification), we move on to a Pre-Approval- which is a closer assessment of maximum mortgage amount you would qualify for. With your consent, you would do an online application and submit supporting documents requested by your mortgage advisor. ... After assessing documents of income, assets, down payment sources and liabilities they obtain for you a pre approval from a suitable lender. This letter typically outlines the maximum mortgage amount, term and rate hold for a period of anywhere between 90 to 120 days. If the rate was to come lower prior to closing, you get offered the low new rate. A pre approval provides a sense of confidence to the buyer/seller and shows your seriousness to the realtor, at the same time making your home search process a smoother one . #PreApproval Next time ~ In what situations a preapproval won’t gurantee you an approval .

Quite often people ask me about pre qualification and preapproval, not understanding the difference between the two. What is mortgage prequalification? Prequalification is an early step in your homebuying journey. When you prequalify for a home loan, you’re getting an estimate of what you might be able to borrow, based on information you provide about your finances ! ... This also helps you fix any financial imbalances before we head out for a preapproval ! Next week : What is pre-approval ?

Celebrate and value freedom

https://www.bnnbloomberg.ca/toronto-home-prices-set-record-