Get Pre-Approved Oakville Mortgage Pre-Approval
Looking to purchase a new home? Patrick Romann can help you with the mortgage pre-approval process so you can start house hunting with confidence.
Mortgage Size Matters
While you may have an idea in your mind about the type of property you want or need, The question is, can you afford it? Getting pre-approved for a mortgage answers this question allowing you to look for a new place to live that fits within your budget.
The Difference Between Getting Pre-Qualified & Pre-Approved for a Mortgage
Mortgage Pre-Qualification is typically a quick process whereby you speak to a lender over the phone or in person and provide them your financial status and information such as your income, expenses, and debt. Based on the information provided, the lender will give you an indication of how much of a mortgage you could be eligible for.
Keep in mind that a mortgage pre-qualification is not a guarantee of a mortgage loan. Most lenders won't look at your credit score at this point as they are simply providing some ideas based on your income, expenses, and debt.
Mortgage Pre-Approval on the other hand is a more significant step towards securing a mortgage. The lender at this stage will verify your income and check your credit score. Mortgage pre-approval is the intent to provide you a mortgage loan.
To be clear, getting pre-approved for a mortgage in Oakville helps ensure you'll get a mortgage for that amount. It does not guarantee you'll get the mortgage or a specific mortgage rate as circumstances may change when you're ready to make the purchase of a new home.
How Does Mortgage Pre-Approval Work?
There are some applications and verification that need to happen in order to get pre-approved for a mortgage in Oakville. As a Mortgage Specialist, I will walk you through the entire process.
We'll discuss a mortgage strategy, what you have available for a down payment, and if a variable or fixed mortgage is best for your circumstances.
With your consent, We'll verify your income, expenses, and liabilities, as well as any conditions that may arise as a result.
Pre-approvals are subject to your continued good credit and are usually good for 60, 90, or 120 days depending on the lender.
Why Get Pre-Approved for a Mortgage in Oakville?
Frequently Asked Questions
There are various reasons why most people look for pre-approval. They are:
- You know how much loan you can qualify for.
- You will know about your estimated payments.
- Some real estate agents will only show you properties if they know you are pre-approved.
- If your offer has a pre-approval letter attached, it will let the seller know you are serious.
When you work with Patrick Romann, you can expect your pre-approval in 2-3 business days. If you already have a property in mind, we can even make it sooner. In some cases, it might be longer than three days based on the severity of the case.
If you have a pre-approval letter, it is good for 60 to 90 days. But here at Patrick Romann, we know that sometimes you don’t find the perfect house in 2-3 months. And even if you do, you might not get your offer accepted in that time. If this happens, you won’t have to go through the entire process again. If your credit qualification is the same, we can get your pre-approval renewed in no time.
Yes. Getting pre-approved can have a potential impact on your credit score. It all depends on your credit profile. The stronger your credit profile is, the lesser impact you will have to feel. But when you work with Patrick Romann, we make sure that you have to face the least amount of influence.
Various reasons change the pre-approval amount. These changes might include changes in your debts, assets, or your income. This can either increase or decrease the amount of loan that you were pre-approved for. Also, if there is an increase in the mortgage rates, this would mean that now you will qualify for a smaller loan amount, and vice versa.
Why Work with Patrick Romann
Ready to Get Started?
If you're ready to get started on getting pre-approved for your mortgage in Oakville? Contact me and I'll work you through the entire process step by step.