Are you looking to purchase a property within a particular set budget, or are you looking for the ideal property first, then, work out the kinks of the mortgage later? At Expert Financial Corp, we advise you to consider Mortgage Pre-Approval.
What is a Pre-Approved Mortgage? It is where your would-be lender takes a look at your finances to help them determine the highest amount they will lend you and at the percentage of interest rate to be charged. The amount of approved mortgage that you get will depend on the size of your down payment and home value.
You need to have the following for the mortgage pre-approval application:
- Identification
- A proof of employment, it could be proof of your salary currently, etc.
- Show that you can pay the closing costs and down payment
- Your current liabilities, e.g. child support, and debts
- Information about your assets, investments, etc.
You can contact our Mortgage Broker for any questions on Pre-Approved mortgages.