Getting Pre Approved for a Mortgage in Brockville

Getting pre approved for a mortgage in Brockville is when you apply for a mortgage with a lender and the lender confirms that there is a strong possibility that you will be approved for a mortgage in Brockville once an offer is made. Being pre approved will also tell you the maximum house price that you can afford in Brockville.

Getting Pre Approved for a Mortgage in Brockville

Pre Approval Benefits

With a pre approval, you are able to:

lock in a rate for up to 120 days
get an example of what your mortgage payment will be
find out the house price maximum that you should be looking within

A pre approval gives you a very strong indication on if you will be approved for a house once an offer is made.

However, it does not guarantee that you will get a mortgage once you make an offer as there are other factors that do into a lender's decision.

Learn more: Where to Get a Mortgage in Brockville Ontario

Other Mortgage Approval Factors

Some example mortgage approval factors are:

the mortgage insurer’s (i.e. CMHC) decision, if applicable - as they can override a lender’s decision
the property itself - does it meet the lender’s guidelines
property taxes and condo fees - that may be higher and affect your debt to income ratio

Learn more: Three Ways You Can Pay Your Property Taxes

An in-depth pre approval review with a Brockville mortgage broker will be important to assure all these challenges are covered upfront to assure success.

When thinking of buying a house, it’s important to make sure you buy a place within your own budget as you may get pre approved for more then your comfort level.