Mortgage Pre-approval Kingston
What 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.
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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.