Pre-Approval Mortgage

• You can lock in a mortgage rate today for up to 120 days to protect you against any increase in interest rates.
• We will discuss your goals and build a plan for you to succeed in your new home.
• A true pre-approval will provide you with stronger negotiating power at time of offer.
• We will calculate your total budget and affordability based on your household income.
• We will accurately determine if you can qualify for the homes you have already been looking at.
• You will understand the home buying process from start to finish.
• You will learn the big picture costs to home ownership before starting the home buying process.
• It’s FREE!

Do’s

• Keep saving
• Continue paying down unsecured debt
• Keep your mortgage team up to date with any changes including down payment & income
• Maintain an adequate credit score

Don’ts

• Do not take on any new debt, including purchasing a vehicle
• Do not change jobs
• Do not spend your down payment
• Do not move your down payment around

• With our pre-approvals, we only pull your credit one time to ensure maximum credit.
• Credit reporter will also allow you to have a certain number of hard pulls per individual each calendar year, without hurting your overall credit score.
• Checking your credit will not negatively affect your score unless you already have underlining credit concerns like late or missed payments.
• In this case, your score will still not be impacted, and we can work with you to help establish stronger credit practices for your future.

• A true pre-approval with us at Boychuk Mortgage Group is a guaranteed stamp of approval that we have done the proper due diligence to protect your best interest in advance of shopping for your new home.
• Your pre-approval includes a one-on-one success planning session to help educate you and to create a long-term mortgage and wealth strategy!
• In this step, we review your mortgage application, examine documents, check your credit, then source and present the best lender(s) and product for your situation.
• This step is a realistic overview of your financial situation and NOT a quick online app calculation. It’s important to know that these online options are a great tool to get a general understanding but are not an accurate tool that you would want to use solely prior to house shopping.
• Our pre-approvals are a free, no obligation step put in place to help you understand your unique borrowing power before starting the home buying process with your realtor.
• Your pre-approval rate will be held for 120 days (sometimes more), protecting you should rates rise. This comes with a guaranteed best rate at time of submission.
• Understanding your borrowing power at time of offer, not only gives you the upper hand in negotiations, but it provides you the confidence to act.

Securing a Pre-Approval Mortgage offers several key advantages. Firstly, it provides you with a clear understanding of your budget, helping you refine your home search to properties you can afford. Secondly, it demonstrates to sellers that you are a serious buyer with your financing in order, potentially giving you a competitive edge in a competitive housing market. Thirdly, it allows you to lock in today's interest rates with a Rate Hold, shielding you from potential rate increases while you shop for your dream home. Ultimately, a Pre-Approval Mortgage empowers you with financial clarity and confidence, streamlining your home buying journey.

To apply for a Pre-Approval Mortgage, you typically need to provide a comprehensive set of documents. These may include recent pay stubs, W-2 forms or tax returns for the past two years, proof of assets such as bank statements and investment accounts, proof of identity (driver's licence or passport), and details about the property you intend to purchase. These documents help the lender assess your financial stability, debt-to-income ratio, and ability to repay the mortgage. Having these documents ready ensures a smoother and quicker approval process.

A Pre-Approval Mortgage typically remains valid for a specified period, often between 60 to 120 days, depending on the lender's policies. During this time, the interest rate and mortgage terms quoted in the Pre-Approval are guaranteed, allowing you to shop for homes within your budget without worrying about rate fluctuations. If your home search extends beyond the Pre-Approval period, you may need to renew or update your Pre-Approval to reflect current rates and financial information.

Yes, you can make adjustments to your Pre-Approval Mortgage if your financial circumstances change or if you find a different property than initially planned. For example, you may need to update your income documentation, provide additional financial information, or adjust the type of mortgage product you prefer. It's essential to communicate any changes promptly to your mortgage advisor to ensure your Pre-Approval remains accurate and aligns with your current financial situation.

While a Pre-Approval Mortgage is a strong indication of your borrowing power and eligibility, final approval is contingent upon additional factors. These factors include a satisfactory appraisal of the property, confirmation of your financial status and employment stability, and meeting all lender requirements at the time of formal mortgage application. While a Pre-Approval Mortgage sets the stage for a smoother approval process, it's essential to continue meeting all conditions outlined by the lender to ensure a successful mortgage application when you find your ideal property.