Why is a mortgage pre-approval so important?
When you are considering the purchase of a new home, whether it's your first purchase or you are relocating, it is very important to get your mortgage requirements sorted out in advance in order to move ahead with confidence and avoid any unwelcome surprises.
In the case of first-time home buyers (more tips for you in up coming blogs!) it is crucial to speak with a mortgage professional in order to determine your price range so you and your realtor can set up your search parameters in order to find the right home for you.
To obtain a pre-approval, I will just need to gather some basic personal information from you regarding your employment and net worth situation by way of an application. For your convenience, this process can be done either in person, over the phone or via e-mail. Once we have discussed your mortgage needs and preferences I will be able to calculate your monthly payment and your maximum mortgage amount. This, together with your down payment, less closing costs, will give us your recommended purchase price range.
It is during this pre-approval process, as I liaise with the lender(s), that I can find you the best terms, rates and products that are available and can obtain a written pre-approval for you.
For those of you who are relocating and already have a mortgage, please feel free to call me to discuss your options for porting your existing mortgage from one property to another or bridge financing.
*Please note that every pre-approval is subject to the lender approving the property being purchased which can be determined by either an appraisal or through a data bank used by the high ratio insurers. (More on this later too!)
Jerry Sims is a mortgage broker with Ambro & Associates Mortgage Consultants Ltd. with over 20 years of lending, banking and financial planning experience. A highly satisfied and loyal client base can attest to Jerry's knowledgeable, creative and caring service that rises above and beyond expectations. Jerry has worked at several financial institutions in the capacity of loans officer, branch manager and credit manager.
Please feel free to ask John for an endorsement if you would like to know more about my services.