Pre-Approved Mortgage in St John's
The journey towards homeownership doesn’t begin in a realtor’s office. It begins in a mortgage broker’s office. It begins with Mortgage Alliance - Shoreline Mortgages, Inc..
Our brokers specialize in pre-approval mortgage applications, streamlining the path to homeownership for each and every client that walks through our door. Have the leverage you need to negotiate your rates and terms and the confidence you need to make an offer you can stand behind. Call us today to get started.
What is a Pre-Approved Mortgage?
A pre-approved mortgage involves your application for a mortgage being conditionally approved. With a pre-approved mortgage, you’ll be able to know the approximate mortgage amount for which you qualify, the predicted monthly payments, and lock-in a preferred interest rate.
When you schedule your appointment with us, be sure to bring the following to ensure a faster application process:
- Income and proof of employment
- Credit history
- Debt-to-income ratio
- List of regular expenses
- Proof of ability to pay down payment and closing fees
Contact our team of knowledgeable brokers today and schedule your appointment.
What’s the Difference Between Pre-Qualified and Pre-Approved Mortgages?
Pre-qualification comes before pre-approval in the mortgage process. Being pre-qualified is a simple and rough estimate, based only on basic figures such as income. The pre-qualification is not considered a conditional offer.
Pre-approval, on the other hand, entails filling out a full mortgage application. You’ll receive a conditional offer, along with a precise monetary amount of how much the lender is willing to loan you. In addition to the loan amount, you’ll also be presented with a locked-in interest rate, regular payment amount, and various terms and conditions.
Do Mortgage Pre-Approvals Affect Credit Score?
If you choose to pursue the pre-approved mortgage and proceed with an application, your credit score could be affected, as in any other financial undertaking.
Prospective lenders can run credit checks in two different ways, generally called “soft” inquiries and “hard” inquiries. A mortgage application is considered a hard credit inquiry, and several hard credit inquiries will affect your credit score. Luckily, numerous inquiries for the same reason within 14 to 45 days are most often counted as one hard inquiry.
What Should I Do Before Getting Pre-Approved for a Mortgage?
In addition to maximizing your savings and investing for your down payment, you should ensure that your finances are in good standing. Our brokers can help you plan for this process, simply reach out to us for more information.
When Should I Get Pre-Approved for a Mortgage?
While there is no defined period when you should be pre-approved, it is advisable to receive a pre-approval before you start seriously searching for your home. This will allow you to bypass the waiting process further down the line.
How Do I Get a Pre-Approved Mortgage?
Working with Mortgage Alliance - Shoreline Mortgages, Inc. will ensure your chances of finding mortgage products and options tailored to you. We’ll collect the required information and make skillful recommendations based on your needs.
How Long Do Pre-Approved Mortgages Last?
Your mortgage pre-approval will usually last from 60 to 120 days, along with those interest rates and conditions. The length will vary depending on the lender.
First-Rate Pre-Approved Mortgage Brokers
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