- who: First time home buyer
- real estate goals: $475-500k condo
- issues: Low credit score
A pre-approval is your first step to buying a property and getting a mortgage. A “light approval” is where a lender qualifies you for a mortgage loan based on the information you have provided - you’ll learn how much you can qualify for, what your interest rate will be, and your estimated monthly payment
A pre-approval is your first step to buying a property and getting a mortgage. A “light approval” is where a lender qualifies you for a mortgage loan based on the information you have provided - you’ll learn how much you can qualify for, what your interest rate will be, and your estimated monthly payment
Forget waiting on hold or submitting all your documents via email. We’ve made the pre-approval process quick and seamless.
Sign up to Perch
Start a Buy Plan and follow the steps
A dedicated mortgage advisor will review your application to get you pre-approved.
5-year variable
5-year fixed
Evaluate if you can afford your target property and gain insight into your purchasing power
Decide if the federal incentive program makes sense for you
Getting pre-approved for a mortgage means a lender has checked your information and “approved” your application to borrow up to a certain amount. Income, credit, assets, liabilities, down payment, and other properties owned are the major factors involved in underwriting your mortgage and will all have an impact on your mortgage pre-approval. It’s important to know that a pre-approval doesn’t guarantee you will get a specific mortgage rate when it comes time to finalize the financing.
Your mortgage pre-approval will include the maximum purchase price that you qualify for. It will consider all of the factors mentioned above in the evaluation, including your down payment. Your full name will be included on the pre-approval and it will be signed by a mortgage advisor.
A pre-approval will confirm a maximum purchase price and will allow you to shop for a property you can afford. A pre-approval will provide you with predictability and allow you to plan ahead and budget. It will also help you avoid purchasing a home you cannot afford. You can use a mortgage qualifier tool to help you get an estimate of how much mortgage you can afford.
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