Karen Matthey

Getting Pre-Approved

Mortgage Pre-approval Kingston

What is a Pre-Approval?

For many of us, buying a home represents one of the biggest financial transactions we’ll ever make. While the homebuying process might seem intimidating, there are some simple steps that make it easier. One of the most important steps is a pre-approval.

To be pre-approved for a mortgage means that your mortgage broker has investigated your credit history, income and downpayment and determined that you would be a suitable candidate for a mortgage. Pre-approvals might only be good for a certain amount of time, but they usually signify that a lender is ready and willing to lend you money. It’s a big step in showing sellers that you are serious about buying a house and that your offer should be treated accordingly.

Your Mortgage Expert

What is Involved in Getting Pre-Approved?

The first step in getting pre-approved is filling in an application.

Next, you’ll provide documents to support your application. To be fully pre-approved, your Mortgage Broker or lender should have reviewed your credit bureau, employment documents, downpayment or bank statements.  Please see Documents Required for Financing for further details as to the documents that might be required.

You will then have a pre-approval amount confirmed along with an estimate of closing costs, an estimate of your monthly payments and a review of the home buying process to help you move forward with your purchase.

Your Mortgage Questions Anwsered!

There is no cost to have a pre-approval completed! Make an appointment or fill out the form below to get started!
Many banks do not conduct full pre-approvals – they use estimates of income and credit and provide a rate hold. Often times once an offer is made and documents have then been examined, the bank cannot actually honour the ‘pre-approval’.
The bank is also limited to its own policies and products. I have access to over 30 lenders with a variety of products and policies, so very often I can pre-qualify clients at a higher level.
Your credit is extremely important because it can be the deciding factor when it comes to maximum mortgage affordability and interest rates. The better your credit, the better the interest rate you will be offered.  I work with clients on their credit to ensure they increase their chances of obtaining the most favourable mortgage financing options. This is part of the application process.
One of the benefits of using a Mortgage Broker is that we can use one pull on your credit and share it with multiple lenders (as opposed to lenders each having to pull their own credit report). Typically, one pull on your credit will not make a major difference to your credit score. However if you have recently had a significant amount of credit enquiries, (for example, you’ve been car shopping which often results in 6-8 pulls on your credit) then an additional pull may indeed reduce your score minimally. Please speak with me if this is a concern prior to the application process.

I look forward to helping you with your mortgage financing.