What is a Pre-Approved Mortgage?

If you are looking for mortgage programs to ensure that you have enough funds needed in buying a property, there are lots of options available for you. Before applying for one, it is important that you know vital information about some topics about your mortgage. One of which is pre-approved mortgage.

A pre-approved mortgage occurs when your bank or lending institution provides you with a number that they believe you will qualify for. We caution you to make sure that the pre-approval is coming from a credible source. If you are asked to provide any sort of down payment in order to get the pre-approval, you are (most likely) dealing with an un-reliable company.

We recommend improving the strength of your pre-approval by securing the documentation that that will require. Such documents includes proof of identity, employment, previous tax filings, etc. Remember, a pre-approval is not an actual mortgage approval so please use the pre-approval as a guideline for your affordability.

If you have additional queries about your mortgage, please contact us at Higgelke Mortgage Group.