Find out how much you can afford for your next home purchase in the Markham and Oshawa area
A mortgage pre-approval is an important step in the home buying process and we can help you out. We can help with your financial strategy, your mortgage amount, down payment amount, purchase price and give you an overall idea of what you can realistically afford.
we will advise you about the documentation (income confirmation, down payment confirmation, etc.) you'll need to supply upon conditional approval of your mortgage. Any conditions must be met for your mortgage to be fully approved. Pre-approvals are subject to your continued good credit and are usually good for 60, 90 or 120 days depending on the lender.
The pre-approval process simplified
A mortgage pre-approval is when a potential mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you.
With a pre-approval, you can:
- know the maximum amount of a mortgage you could qualify for
- estimate your mortgage payments
- lock in an interest rate for 60 to 120 days, depending on the lender
The pre-approval amount is the maximum you may get. It does not guarantee that you'll get a mortgage loan for that amount. The approved mortgage amount will depend on the value of your home and the amount of your down payment. It may be a good idea to also look at properties in a lower price range so that you don’t stretch your budget to its limit.
Turn to Team Mortgage Den to help you with your next Markham, Oshawa or surrounding area mortgage pre-approval.