Getting a pre-approved mortgage in Burlington, Ontario is a smart way to go home shopping. It not only lets you know how much home you can afford, but also shows potential buyers that you are a serious buyer. Many times having a pre-approval in hand can actual allow you to give credence to a lower bid.
Whether you are shopping for a car loan or a real estate loan, having a pre-approval in hand may invariably save you money.
Shopping around is important when looking for a mortgage preapproval. This is the stage you can already enlist the help of a qualified mortgage professional who will then help you when it comes time to closing the deal as well. By going through all of the necessary preparation, you will already be accumulating and organizing the right documents to substantiate your loan request.
This pre-organization also helps when it comes time to close on the home and avoid any last minute surprises. Having tax returns, bank statements and other supporting documentation in hand will help the process go smoothly.
Once you are ready to buy the home, you can still choose to switch to a different mortgage lender. The preapproval letter does not tie you to a particular lender, but is only a statement by the lender that in the case all you say is correct on your application, they would loan you a certain amount of money.
Things have gotten a bit more difficult though during the application process and income verification stages, so having a trusted mortgage broker to guide you through the hoops will help you get your loan pre approval for the mortgage.