Mortgage Pre-Approvals are important for first-time home buyers AND repeat buyers!


  1. Simply discussing your mortgage application with your broker is not enough. The broker must do the following: pull your credit report, qualify your income with actual documentation, verify your down payment and closing costs and then actually submit your application to a lender who will fully underwrite the application. Many mortgage advisors will offer an opinion and not get you a formal approval.
  2. Having a pre-approval allows you to have a rate guarantee between 90 -120 days. This allows time for shopping without worrying about rate increases.
  3. It gives the buyer credibility.
  4. Realtors will know that you are serious and not wasting their time.
  5. Vendors will feel like you have your affairs in order and will take your offer seriously.
  6. Knowing the amount you qualify for means you will know the maximum amount you can borrow. This means that you may be able to afford the house of your dreams, whereas, you may have previously thought that you would have to settle for second best.