Getting pre-approved for a mortgage is the most important step of the home buying process. Once your application is completed you’ll have a better idea of your purchasing power and I’ll be able to lock in your rate for up to 120 days.
In this video with Calgary Realtor Kelley Skar I share my top three reasons to get pre approved for a mortgage.
How is a Pre-Approval at Verico Different?
During the pre-approval stage your Mortgage Specialist will discuss the various mortgage products available to you. Our discussion isn’t only based on rates. We will educate you all of your options to find a suitable mortgage based on your personal situation.
During the application process your Mortgage Specialist will preform a credit check. Your credit rating is based on a “beacon score” established by credit agencies and by performing this check up front we can give you a more accurate idea of your purchasing power.
Your Mortgage Specialist will also ask you to provide as much documentation up front as possible. This helps us by allowing us to complete your pre-application more accurately but also helps you by saving you time when you ultimately make an offer to purchase a new home.
Things to keep in mind about your Pre-Approval
A pre-approval is a rate hold only and once your application is submitted for final approval will be subject to current underwriting guidelines.
Final approval is dependent on satisfactory review of property, appraisal, credit report, confirmation of down payment and verification of income by the lender.
Extending Your Rate Hold
Should your rate hold expire we’ll be happy to lock you into another 120 day rate hold.
For more information download our Homebuyers Guide:
Download Our Homebuyers Guide
Our Homebuyers Guide is available in both PDF and iPad iBook format.