The Benefits of a Mortgage Pre-Approval


To start your house hunting with knowledge and confidence you need to first get a pre-approval. Getting pre-approved gives you a clear picture about your financial status and helps you manage your investment in a much better way.


Mortgage Brokers work with many people before they start looking for their dream home and getting pre-approved will help you to understand your financial reach before you fall in love with a home.

FINANCIAL POSITION

You can understand your financial position by applying for a pre-approved mortgage. This will provide you with vital information such as your approved price range and allow you to know what to expect for mortgage payments in addition to calculating your downpayment.

“Having pre-approval will save you from disappointment should your initial search criteria be outside your approved budget.”

A SIMPLIFIED BUYING PROCESS

You can remove some stress from the home buying process by having a pre-approval. Being pre-approved will allow your Realtor to know exactly the kind of property you are looking for and to speed up the house hunting process by only focusing on these properties. Additionally, understanding your budget will put you in a better position to negotiate the price of your purchase. You can gain an edge over other buyers as some sellers prefer to go with buyers whose mortgage is pre-qualified.

LOCKING IN YOUR RATE

The biggest benefit of pre-approval is the ability to lock-in your mortgage rate. As a mortgage professional, I can help you with getting the best rate for your mortgage and locking it in for up to 120 days. This will protect you from increases in interest rates.

THE PROCESS

The process of pre-approval is similar to the process of a mortgage approval. I will provide you with information that outlines the supporting documents we will need for your mortgage pre-approval. I will then prepare an application to the lender and check your credit score. This is followed by a pre-approval and a rate hold.


By obtaining pre-approval before you start house hunting, you can be confident that you are looking within the right price range and know what your budget is going to look like in the future. Contact me to start your pre-approval process so you can confidently shop for your dream home.

Bailey Coats

Licensed Mortgage Associate

Lic. #316964

Straightforward Mortgages Across The Lakeland & Surrounding Communities

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Spruce Grove, Alberta

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