Burlington Mortgage Broker with 25+ Years of Experience
A Mortgage Pre-Approval application needs to be taken, preferably in person with all topics covered. Income, down payment, credit issues and other obligations. The clients need to give full disclosure and transparency so there are no surprises later. A credit bureau must be done and discussed with the client to verify the debts, payments and authenticity. If there are problems like lateness or more serious issues, explanations should be provided so they can be discussed with the lender.
Income and Employments needs to be reviewed and sustainability of the income should be decided. Example , Bonus and Commission income can be used if a 2 year record can be show.
Also, if Self Employed, the client may be able to do a Stated income mortgage if the ownership of a company can be provided. HST returns, General Business Licence. Articles of Incorporation.
Down payment needs to be discussed in the pre Approval to ensure it is useable and available by closing. If a gift is to be provided, the timelines are important as well.
A Discussion about closing costs and time lines for a formal approval once the home is found and an offer is made.
Most important, the clients Home Purchase goals and objectives should be reviewed to make sure they are realistic and attainable given the information provided.
The Broker should sum up all the information, answer the clients questions then submit the deal formally for a Pre-Approval. Once the Lender approves the submission, the client can begin the home search.
We'll help you get pre-approved for a mortgage so you can confidently make an offer on a home.
The benefits of a formal Mortgage Pre-Approval are:
- The client is fully underwritten by both the Broker and the lender
- No surprises when the client buys and applies
- We help our clients collect all necessary information for a comprehensive Mortgage Pre-Approval application, including income, down payment, credit, and other obligations.
- We ensure the client's closing costs, timelines, and home purchase goals and objectives are realistic and achievable.
- We submit the application and ensure that our brokerage and the lender review it.
- Pre-Approval provides a 120-day rate hold to protect against rising interest rates.
- Through the Pre-Approval process, we save the clients time and disappointment by providing them with a clear understanding of what they are approved for and their budget for finding a home or property.
- Lightening fast approvals
- All the hard work is already done
- A Full Pre-Approval will save time and disappointment