Why is getting Pre-Approved for a Mortgage so important?
Getting a mortgage pre-approval is important for many reasons:
It’s important to know what purchase price you qualify for before you go shopping for a home. Allowing you to stay within both your budget and the amount of loan you will get approved for.
A pre-approval will provide you with the opportunity to review what you can comfortably afford; taking into account not only your mortgage payments, but the other costs of owning a home such as property taxes and utility bills. If you have not owned a home before, these amounts may be a bit surprising.
Your mortgage broker will help you take a look at the entire picture. Online calculators are great, and crunching the numbers on your own is a good start. Using an Axiom Mortgage Broker will ensure you will qualify for a mortgage based on the lender’s criteria. If there are issues, it is better to discover them at the pre-approval stage so that you and your mortgage broker can work together on fixing those issues prior to your search for a home. If you are not able to qualify for a mortgage at this time, we can assist you in taking the steps necessary to qualify for a mortgage in the future.