How To Apply & Get Pre-Approved For A Mortgage

What you need to know about Mortgage Pre-Approvals

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So you’ve finally decided to purchase a home. Let us be the first ones to congratulate you! Leaping into homeownership is one of the most exciting times in anyone’s life. Whether it’s to get a little bit of extra room for your growing family (including your fur babies) or to get a little more privacy than your paper-thin-walled apartment, owning a home comes with some serious perks!

The first thing you have to consider when choosing a home is getting pre-approved for a mortgage. This will help you save time when you make an offer on a property, help you lock down an ideal interest rate, and you will know which homes to look at based on the amount of money you will be approved for. 

The Steps of Mortgage Pre-Approval

Getting pre-approved for a mortgage involves a few steps and depending on your lender, the criteria for eligibility may be slightly different.

Expect lenders (banks or mortgage companies) to look at your finances including your salary and your credit. This helps them establish a figure they are comfortable with lending you and at what interest rate.

You may need to provide additional things like proof of employment, assets, debts, and the length of time you’ve worked with your employer.

Because everyone is different it’s key to look at a variety of different lenders and their rates, and compare them when making a decision. If you need help finding the best option for you, or facilitating the best rate, mortgage brokers can help open the doors when it comes to setting up a loan.

Lenders Will Have The Final Say

Once your lender has gotten their hands on all the relevant information, they will make a decision on if you are pre-approved for a mortgage or not. 

Even if you are pre-approved, take into account 

Some final tips to get pre-approval are to:

  • Choose a home that is within your budget and allows for unforeseen expenses
  • Keep all your documentation on hand
  • Read the fine print of your pre-approval terms – get a lawyer or accountant to look at it
  • Know the benefits of a larger down payment 

It’s Time To Enter The Market

Ready to enter the market? Pre-approved and excited to get started?

Let LIFE guide you through your unique real estate journey. Professional, diligent, and down-to-earth, our mission is to help you enter the market and get precisely what you want and need – whatever that may be!

Check out this video where Dave and Kevin talk about mortgage pre-approvals!

For more on how we can get you into your dream home, contact us today!

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About The Author
David Robertson

Since 2011, Dave brings integrity and professionalism to his clients in Ottawa when helping them buy and sell real estate. Every client matters to Dave.He doesn’t just sell you a home; he builds relationships for life by treating every client with the respect and honesty he would give his own family. Even after the sale of your home, he will continue to be there to answer all your real estate questions and recommend preferred vendors. As an Ottawa native, Dave understands the changes in the local market. Dave's previous industries in banking and home equity have sharpened his expertise in real estate trends. He will professionally explain the real estate process and paperwork involved. As team leader of LIFE Real Estate Group, Dave offers his clients a team of dedicated agents and administrators. Why hire a single realtor when you can hire a team? LIFE Real Estate Group's innovative marketing strategy and commitment to excellence has propelled them to be one of the top teams at Solid Rock Realty! Dave's passion for serving people is the foundation of his success. His goal is to earn the right to be your real estate professional for life. Whether it is creating a customized plan for creating generational wealth through real estate or even home maintenance tips, he is available for all his clients. Message Dave for past testimonials to see how he has helped local families.

Call Our Team Today!