We offer fully underwritten pre-approvals.

What’s the deal with pre-approvals these days? I’ve been in the industry for a long time. A pre-approval used to actually be a bonafide pre-approval that one could rely on to purchase a home with confidence.

This hasn’t been the case for quite a few years. We are finding that many Banks, Credit Unions, and other mortgage professionals are simply providing calculations to a would-be homebuyer based on a quick conversation or mobile app download. The pre-approval is then conditioned on the following items, proof of income, satisfactory credit bureau/history/score, satisfactory down payment, no material changes to the application, and more.

In my opinion, I’m unsure how this can even be called a pre-qualification let alone a pre-approval. I can understand from their perspective that it is a large cost and time investment without a guarantee that the pre-approved borrower will even buy a home or use the lender that pre-approved. It is a risk. However, I know that almost all homebuyers want to get the correct information and will reward the mortgage professional’s time investment with their business and loyalty. In fact, I’ve built my career on this principle of hard work and service to others.

What do we do differently?

Review your full mortgage application

Ask questions about your goals and the suitability of the mortgage products available.

Review your credit bureau and score

If there are any reporting errors on your credit bureau we will have them repaired/amended.

Review your income (employment, Canada child benefits, overtime, bonus, pension, disability, and any other form of eligible income)

Review your down payment to confirm eligibility (remember that simply having enough money isn’t enough any longer).

Project your total closing costs including land transfer tax, legal fees, title insurance, and other closing costs or applicable taxes.

Collect and review all of the required mortgage documents upfront (Letters of employment, pay stubs, T4s, etc).

We will communicate with your REALTOR and if you don’t have one be more than happy to recommend one of our amazing REALTOR partners.

We will lock in a mortgage rate for you that will expire in 120 days. This will protect you from any rate increases. If rates drop, you will always get the lower rate.

For self-employed individuals, we will review all of your business documentation to see if you can qualify for a special program.

We will see if our clients can qualify for any government grant programs like the First Time Homebuyer Incentive or the Manitoba Metis Federation – First Time Home Purchase Plan

We can recommend any other industry professionals (Home inspector, appraiser, home insurance agent, financial planner, or life insurance agent).

If selling a home, estimate the net sale proceeds after all expenses.

Have you confirmed your existing mortgage penalty if applicable to avoid any surprises.

The quality of your mortgage pre-approval matters and we are more than happy to invest the time to educate, review, and provide the best service to our clients.

Contact us today for your pre-approval!

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