Mortgage Pre-Approval
If you are looking for a new home, be sure you are pre-approved. With a mortgage pre-approval, a licensed mortgage professional can do a more complete verification prior to sending you shopping for a home, and with that done, the dollar figure you are going shopping with is actually what you can spend.
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The Mainstream Mortgage Team will work with you to get pre-approved and we will let you know for certain what you can afford based on lender and insurer criteria, and what your payments on a specific mortgage will be.
We can lock-in an interest rate for you for anywhere from 60 – 120 days while you shop for your perfect home. By locking in an interest rate, you are guaranteed to get a mortgage for at least that rate or better. If interest rates drop, your locked-in rate will drop as well. However, if the interest rates go up, your locked-in interest rate will not, ensuring you get the best rate throughout the mortgage pre-approval process.
In order to get pre-approved for a mortgage, we require a list of information that will allow them to determine your buying power (please visit our page http://peterpaley.com/mortgage-application-documentation-process )
We will explain to you the benefits of shorter or longer mortgage terms, the latest programs available, which mortgage products they believe will most likely meet your needs the best, plus they will review all of the other costs involved with purchasing a home.
Getting pre-approved for a mortgage is something every potential home buyer should do before going shopping for a new home. A pre-approval will give you the confidence of knowing that financing is available, and it can put you in a very positive negotiation position against other home buyers who aren’t pre-approved.
For First Time Homebuyers, we will put you through our 48 Point Pre-Approval Process where we are going to;
- Review Your Application
- Review Your Credit Score & Credit Bureau and Help Fix/Correct Any Reporting Errors.
- Review Your Income (Employment, CCB, Child Support, Overtime, Bonus and any other forms of eligible income).
- Review Your Down Payment To Ensure Eligibility.
- Project Your Total Closing Costs including land transfer tax, legal fees, title insurance and any applicable taxes.
- Collect and Review All Relevant Documents Required For Your Mortgage Approval
- We will communicate with your REALTOR and recommend one our amazing REALTOR partners if you need one.
- We will recommend a Real Estate Lawyer If you need.
- We will recommend any other professionals you may need from your Home Inspector to your Home Insurance Agent.
For clients who are selling and then getting a new mortgage for a new property we are going to:
- Review Your Application
- Review Your Credit Score & Credit Bureau and Help Fix/Correct Any Reporting Errors.
- Help Calculate Your Projected Net Sale Proceeds From The Sale Of Your Home
- Arrange Bridge Financing If Necessary.
- Project Your Total Closing Costs including land transfer tax, legal fees, title insurance and any applicable taxes.
- Help You Ensure That You Know Any Penalty Costs To You From Your Existing Lender
- Review Your Income (Employment, CCB, Child Support, Overtime, Bonus and any other forms of eligible income).
- Review Your Down Payment To Ensure Eligibility.
- Collect and Review All Relevant Documents Required For Your Mortgage Approval
- We will communicate with your REALTOR and recommend one our amazing REALTOR partners if you need one.
- We will recommend a Real Estate Lawyer If you need.
- We will recommend any other professionals you may need from your Home Inspector to your Home Insurance Agent.