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Mortgage Pre-Approvals

A mortgage pre-approval can be a great tool, however it only goes so far. A mortgage pre-approval locks in a rate for you and if you provide income confirmation we can determine the maximum house price you can afford. However, a pre-approval is not a commitment from the lender. Once you find a property, a mortgage lender will need you to approve the property information. This would typically require an appraisal, minutes if it is a strata condo, title search, property details, sales contract and some other conditions the lender may require to meet their guidelines. Once all the documents, including income are received, the lender will look at the application as a whole and issue a commitment to fund the mortgage should all of their requirements be met to their satisfaction. At Dreyer Group, we always recommend a pre-approval upfront. This will enable you to shop with confidence knowing how much you can afford as well as lock in the best mortgage rate so if rates should increase, you would be protected. Call our office today to find out how much you could qualify for or complete our 30 second application online now. We’re here to help.