With a mortgage pre-approval, I can do a complete verification prior to sending you shopping for a home, and with that done, the dollar figure you are going shopping with is actually what you can spend.
The mortgage professional you work with to get pre-approved will provide a clear understanding of what you can afford based on lender and insurer criteria, as well as your specific mortgage payments.
Dominion Lending Centres mortgage professionals can lock in an interest rate for you for 90 to 120 days while you search for your perfect home. This rate lock guarantees that you will secure a mortgage at that rate or better. If interest rates fall, your locked-in rate will decrease accordingly. Conversely, if rates rise, your locked-in rate remains unchanged, ensuring you receive the best rate throughout the pre-approval process.
To get pre-approved for a mortgage, a mortgage professional will need a short list of information to determine your buying power. I will explain the benefits of different mortgage term lengths, and the latest programs available, and recommend the mortgage products that best suit your needs. Additionally, they will review all other costs involved in purchasing a home.
Every potential home buyer should get pre-approved for a mortgage before starting their home search. A pre-approval provides confidence that financing is available and strengthens your negotiating position against other buyers who are not pre-approved.
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