Get professional advice before shopping
For most of us buying a home at any time is always making one of the most difficult and challenging decisions, and the most costly! Therefore, before plunging into the deep end, first obtain some highly qualified knowledge and advice regarding a mortgage in Oakville from a professional broker. This particularly applies to mortgage approval from a lender, and meeting their determined criteria!
Pre-approval should not be confused with pre-qualification for a mortgage, which is a significantly less intense observation of your financial scenario. Being granted a pre-approved mortgage provides you with the recognition and confidence that you have the status of a qualified borrower. This is an advantage due to the fact that when experiencing the process of buying a home, you have determined the affordability factor related to the repayments of your Oakville mortgage.
Starting the pre-approval procedure
The procedure for pre-approval of a mortgage in Oakville can start at any time up to 120-days prior to when you want to buy a home, but it’s also dependent upon for how long a lender has guaranteed the pre-approval! This is the first step in obtaining a mortgage. Despite it being a relatively short process; complete it early which will enable you to concentrate on other important issues.
The process for a pre-approved mortgage in Oakville includes you submitting supplementary documentation in support of your stated income, your down payment source, as well as your assets and liabilities. A lender will also review your credit report as to your creditworthiness. In the event of you being successful in your application, a lender may provide written confirmation or a certificate as proof of pre-approval.
Keep in mind that upon being pre-approved for an Oakville mortgage the guarantee is only related to the interest rate for a period of 60-120-days. The process is designed to qualify you as a borrower but does not guarantee that you will be granted a mortgage. This is contributed to by details of the property still being required.
A pre-approval shows realtors and sellers that you’re serious about buying a home, which means that an offer submitted for a property, can carry more weight than one that is not pre-approved. By enlisting the help of an Oakville mortgage broker from the beginning, you establish credibility as a genuine buyer and save yourself much time and frustration!