Pre- approval is the first step in buying a house. A Real Estate Agent will help you confidently if you have a pre-approval from accredited mortgage brokers. A pre-approved loan helps agent to get an idea, what type of property you want, how much you can afford to purchase a house. It guides you whether your income can cover GDS and TDS as per mortgage financing standards. GDS (Gross debt services) indicates that if your income can cover your all house debts whereas TDS (Total debt service) stands for if your income can cover your all house debts and other debts as well. For more information and an assessment of your preapproval in Mississauga, Contact us, MB Mortgages for a professional advice.
What is a mortgage pre-approval?
Getting pre-approved is not a promise of loan. In fact, it is an assessment of your income, debts, assets, and credit history as well. It is a proof that a loan officer has looked after your income and expenses, how much loan you can borrow, how much monthly payment you can afford to make.
What are you required to get a pre-approval?
• Good Source of income- To get pre-approved, you must have a good source of income which reflects that your earnings are enough to cover all your housing costs and other debts as well.
• Credit history is the key- To get best interest rates, your must have an excellent credit score, as these scores can help you save money in your pockets. It accelerates the loan process as you have a proof of your credit history.
• Enough Assets- You must have a proof of assets such us down payment or closing costs. It provides relaxation to lenders that you have sufficient savings to get a house. It helps you to move according to your budget. You can be focused on how much you have in your bank account, instead of blowing your mind if you find a beautiful house, but that is out of your affordability.
• Other supporting documentation- You must give authorization to pull your credit history, driver license and SIN (Social Insurance Number) to get the process done to your mortgage broker. We at MB Mortgages must abide ourselves to PIPEDA (Personal information protection and electronic documents act). Under PIPEDA, all supporting information that is provided to us remains confidential and we use information in such a way that does not contravene the right of privacy of client, we would disclose in a manner for purposes that a reasonable person consider it appropriate in the circumstances.
Why would you need a pre-approval?
You would need a mortgage pre-approval for several reasons, but we would discuss top of the three reasons. Firstly, it boosts the confidence of seller that you have enough finance to get a house, and you are serious to purchase. Secondly, a real estate agent can work with you efficiently knowing that you are preapproved and what your buying a house range would be? Finally, being preapproved means that you have a peace of mind, where you can pay your mortgage and other debts comfortably as preapproval is based on your GDS & TDS ratios.
How mortgage pre-approval accelerate your mortgage loan process:
A pre-approval speeds up your mortgage loan process, as your all information is already in the lender’s system and they just have to approve the loan once you purchase a house, make a down payment and pay the closing costs as well. MB Mortgages Inc. can help you seamlessly to get you pre-approved for your mortgage loan. MB Mortgages Inc. makes sure that the whole financing process is professional and hassle free for the clients.
Why choose us-
As a Mortgage Brokerage, we have strong relations with multiple banks and numerous lenders. We work with Canada’s leading lenders to provide you a mortgage solution that fits your budget. Our mortgage and financing process is amazingly simple, we represent you and match you with the best suited mortgage as per your needs. This way we can guide you through this complicated process with our years of mortgage financing experience.
• We are dedicated and professional Accredited Mortgage Brokers in GTA.
• We are well trained and have experience in the mortgage financing field more than 10 years.
• We can shop around with different lenders to get you the best possible mortgage rates and conditions as well.
• We have different options for different income and credit level with access to number of private lenders to suit borrower’s needs.
We are a professional mortgage broker in GTA. We can help you secure a mortgage with best mortgage interest rates. We are located at 2 County Court Blvd., Suite # 438, Brampton, ON L6W 3W8. Call MB Mortgages Inc. today at 905-458-6929/416-939-7131 for your queries or you can email us at: [email protected] or you can visit our website at www.mbmortgages.ca
The information provided in this blog post is intended to provide general information. You should consult with a mortgage professional to fully determine the scope of your situation. MB Mortgages shall not be held liable from usage of the information provided on this page. Individual situation may vary.