Should you get preapproved for a Mortgage? The best time to secure a pre-approval is as soon as possible; it’s never a bad idea to have a plan. Here are a few of the obstacles that a pre-approval can uncover:
- You’ve recently changed jobs, and you’re still on probation
- Your income relies heavily on extra shifts or commissions
- You’re unaware of factual mistakes or collections on your credit report
- You don’t have an established credit profile
- You don’t have enough money saved for a downpayment
- Additional debt is lowering the amount you qualify for
- Really anything you don't know that you don't know
Even if you believe you have all your ducks in a row, working through the pre-approval process with an independent mortgage professional will ensure you have the best chance of securing a final approval. As a point of clarity, a pre-approval is not the same as a pre-qualification. This is not typing a few things into a website, calculating some numbers, and thinking you’re all set. A pre-approval includes providing your financial information, looking at your credit report, discussing a plan for securing mortgage financing with a mortgage professional, and even submitting documents ahead of time.
Mortgage financing can be a daunting process; it doesn’t have to be. I'd love to help you with this process, you can connect with me directly or reply to this post.
https://www.dianebuchanan.ca/
