Mortgage Pre-Approval
Get Mortgage Pre-Approval with The Mortgage Girl.
What Is a Mortgage Pre-Approval?
A Mortgage Pre-Approval is a commitment from a lender that guarantees an interest rate for a set period, typically up to 120 days. This allows you to shop for a home in Alberta without worrying about rising rates. The Mortgage Girl guides you through the pre-approval process so you know your borrowing limit and can focus on properties within your budget.
Why Should I Get Pre-Approved Before House Hunting?
Getting pre-approved provides clarity on how much you can afford and ensures your offers are stronger with sellers. Many lenders will also adjust your rate if market interest rates drop during the pre-approval period. Starting with a pre-approval helps you make informed decisions before applying for a Home Purchase Mortgage or considering a Purchase Plus Improvement Mortgage.
When starting your mortgage pre-approval in Alberta, there are several key steps to ensure a smooth process.
Understand the home-buying process and discuss your options with a Mortgage Broker.
Gather all necessary financial documents and secure your Mortgage Pre-Approval.
Find a knowledgeable Realtor and share your pre-approval details to focus your search.
Explore programs like Purchase Plus Improvement Mortgages if you plan upgrades or renovations.
Mortgage Pre-Approval FAQ
What is a mortgage pre-approval?
A mortgage pre-approval is a commitment from a lender that sets your maximum borrowing amount and locks in an interest rate for a set period, typically up to 120 days.
Why is pre-approval important in Alberta?
Pre-approval helps you understand your budget, strengthens offers to sellers, and allows you to shop for a home without worrying about rising interest rates.
How long does a pre-approval last?
Most pre-approvals in Alberta last 120 days. If rates drop, some lenders may offer the lower rate during this period.
What documents are needed for pre-approval?
You’ll need proof of income, employment details, credit information, and details about any existing debts or obligations.
Can I use pre-approval for any type of mortgage?
Yes, pre-approval applies to standard home purchases, including first-time buyer mortgages, Flex Down Mortgages, and Purchase Plus Improvement Mortgages.
Happy House Hunting!
The Mortgage Girl offers mortgage services across Alberta, including Edmonton, Gibbons, St. Albert, Sherwood Park, Thorsby, Millet, Leduc, Stony Plain, Spruce Grove, Fort Saskatchewan, and surrounding areas, with the ability to assist clients anywhere in Canada.