Pre-Approved Mortgage Solutions Toronto
If you are considering getting a mortgage, contact Brillion Lending Advisors today to see how we can help you with pre-approved mortgage solutions in Toronto that meets your needs.
Receiving a pre-approval lets a prospective home buyers know if they meet the lender’s requirements to secure a mortgage. Although a pre-approval is not a requirement, it lets the prospective homebuyer see if they qualify, and if they do not, what can be done to improve their chances of qualifying for a mortgage.
If you decide to do a pre-approval, it is not a guarantee of mortgage approval. Once an application for pre-approval is sent to the lenders, it takes approximately 1 day to know if you have been approved. If your application has met the criteria, the pre-approval will state how much you can qualify for. The pre-approval is valid from 90 – 120 days before purchasing a property. This is the time to seek the advice of a mortgage professional to help make a detailed financial assessment when seeking mortgage pre-approval.
Information to be Provided
Upon meeting with one of our mortgage professionals, there will be various information about personal assets and income that will need to be reviewed. Clients may also be asked to provide proof of employment and other information so that our team can do everything to ensure our clients qualify for a mortgage pre-approval.
The Benefits of Mortgage Pre-Approval
Receiving pre-approval means our clients are likely to receive a mortgage that will afford them the home they want, and can accelerate the process of receiving a mortgage. Real estate sales representatives are also more likely to find you a home that meets your needs once you are pre-approved. Upon submitting an offer to purchase a property, a pre-approval makes potential buyers more credible in the eyes of the seller, and can give them advantage over other potential buyers who do not have pre-approval.