Pre-Approved Mortgage
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Get a Pre-Approved Mortgage
Getting preapproved gives you a clear picture of what you can afford, saving you from wasting time searching for homes that are out of reach.
Having a preapproval can make your offer stand out. Sellers love a buyer who’s ready to roll, and a pre-approved mortgage shows them you mean business.
Get your paperwork ducks in a row. Lenders will want to see things like pay stubs, tax returns, and bank statements.
Your credit score is like your financial report card, and lenders pay close attention. The higher the score, the better your chances of a getting a mortgage pre-approval.
Debt-to-Income Ratio
Your income and how much you owe in debts play a big role in how much a lender will green-light. It’s like a financial balancing act – the more income and less debt you have, the better your preapproval.
Banks and Mortgage Lenders look for the ratios to not exceed 44% Total Debt Service. That means your total payments for mortgages, property taxes, credit cards , car loans, etc. should not exceed 44% of your gross income.
why Get A Mortgage Pre-Approval ?
Know Your Maximum Mortgage Amount Before You Start Your Property Search
- Avoid Over Bidding on a Property
- Get a 120 Day Rate Hold on Your Mortgage Rate
- Know Your Maximum Mortgage Payment
- Review Product Options With A Mortgage Broker
What You Need to Get Pre-Approved
– Copy of most recent paystub and T4 slip with total income
– If self employed, last 2 years T1 General Copies & Notice of Assessments
– Completed Online Mortgage Application
If refinancing or renewing an existing mortgage, we will need a copy of
your existing mortgage statement and property tax bill showing annual levies
This being my very first mortgage that I was applying for, it was a big deal to me and I was really nervous. I am a client that requires a lot of patience and asks 100 questions. I was put in contact with Darin and I could not be any happier. He walked me through the process step by step and he really genuinely cares. I cannot thank him enough.
We would like to acknowledge the exceptional service that we received during the entire mortgage renewal process. First, Darin managed to secure us a great interest rate, then he was there every step of the renewal process with prompt emails every time there was an update. He handled everything thoroughly and efficiently. We wholeheartedly recommend him! Thank you Darin!
I am extremely grateful to Mortgage Architects for their exceptional mortgage services. As a first-time homebuyer, I had many questions and concerns, but their team patiently walked me through the process, ensuring I felt confident every step of the way. They were responsive, reliable, and helped me secure a mortgage that exceeded my expectations. I highly recommend transcend to anyone looking for a hassle-free mortgage experience.
I couldn't be happier with the mortgage services provided by Mortgage Architects. Their team went above and beyond to secure the best mortgage rates for me. The entire process was seamless, and they were always available to answer my questions. Thanks to their expertise and dedication, I am now a proud homeowner