It gives you a head start! Applying for pre-approval for a mortgage loan is the first step in the process. It shows you’re serious about taking this step and helps make your home-buying project a reality.
Hi, I’m an actor and instead of playing an advisor explaining to a fake couple what a mortgage pre-approval is, let’s get right to the point.
Unlike prequalification, pre-approval tells you the exact amount you can borrow, while allowing you to lock in your interest rate for 90 days.
It’s best to get pre-approved before you start house hunting. A pre-approval certificate shows that you’re serious about buying.
It’s easy. You can do it online and then an advisor will assist you for the rest because everything’s better with the right tool and advice.
|Establishes the price range of homes you can afford|
|Helps you work out your monthly payments|
|Under no obligation to take out a loan|
|Protects you against rate increases for 90 days|
|Shows sellers and your real estate broker you’re a serious buyer|
|Certifies that National Bank will lend you the money for the purchase, under certain conditions|
By pinpointing the maximum amount you can borrow, you can visit properties within your price range and have a better idea of the homes you can afford.
Once you know which properties you can afford, you can calculate monthly mortgage payments and determine whether your downpayment is going to be enough.
The interest rate offered with your pre-approval is guaranteed for 90 days, so you can focus on finding your ideal home without worrying about rate increases.
A pre-approval shows the seller of the property that you're a serious buyer. It proves that your financial situation is stable and gives you leverage when negotiating a price. It can also give you an edge over other potential buyers.
A pre-approval guarantees the amount you can borrow, but it doesn't mean you've committed yourself in any way. So don't hesitate—applying for a pre-approval is free, and an advisor can even come to your home to help finalize your application.