mortgage pre-approval
Get your mortgage pre-approved within 48 hours
Mortgage Pre-Approval: Your First Step to Homeownership
Purchasing a home is one of the most exciting yet often overwhelming financial decisions you will ever make. At PASH Mortgages, we aim to simplify this process and help you confidently take the first step toward securing your dream home.
What is Mortgage Pre-Approval?
Mortgage pre-approval is when a lender assesses your financial situation to determine how much they are willing to lend you for a mortgage. It gives you a clear understanding of what you can afford, allowing you to begin house-hunting confidently within your budget.
Why is Pre-Approval Important?
- Mortgage Pre-approval means knowing how much you can borrow, which helps you avoid looking at homes outside your price range.
- Sellers prefer working with pre-approved buyers, as this demonstrates their financial seriousness and ability to close the deal swiftly.
- Focusing on homes that fit your financial criteria can reduce stress and save time.
- Once you’ve found the home of your dreams, your pre-approval makes the mortgage application process faster and more straightforward.
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What You’ll Need to Get Pre-Approved
To streamline your pre-approval process, you’ll need the following documents:
Proof of Income: Recent pay stubs, tax returns, or other income documentation.
Credit History: We will review your credit report to assess your financial reliability.
Assets: Bank statements, investment account details, or other documentation proving your assets.
Employment Information: Information about your current employer and employment history.
Frequently Asked Questions
The highest amount you may receive is the pre-approval amount; however, this does not guarantee that you will be approved for a mortgage loan in that amount. The final mortgage approval will depend on the value of the house and the size of your down payment.
A mortgage pre-approval in Canada allows you to:
- Understand the maximum mortgage amount you may qualify for.
- Calculate your potential monthly mortgage payment.
- Lock in an interest rate for 60 to 120 days, depending on the lender.
- Assure sellers or builders that you are a serious buyer.
Getting mortgage pre-approval before you start looking for your future home has several advantages. First, your mortgage rate can be protected for 120 days. Although rates may rise, you can lock in your rate with your lender.
Second, having pre-approval gives you greater negotiation power when dealing with home sellers, making you appear as a more serious buyer.
Lastly, if you secure a mortgage pre-approval, the final closing process will be quicker since most of the paperwork and requirements will already be completed.