Pre-Approved Mortgage in Mississauga
A mortgage pre-approval is the best way to streamline and accelerate the home buying process. Search confidently with the expertise of eMortgage Solutions at your service.
Our brokers will locate the mortgage options best suited to you and your financial situation. We will facilitate the search and application processes, getting you closer to the home of your dreams.
Reach out to us today to schedule a mortgage consultation with one of our professionals.
What Is a Pre-Approved Mortgage?
Pre-approval is one of the most important parts of the mortgage process. Following a detailed application, your potential lender will inform you whether you are eligible for a loan, and if so, how much you are entitled to borrow.
As part of the mortgage pre-approval, you will receive a conditional offer specifying the various terms and conditions of your mortgage. This includes not only the mortgage amount but also the length of the term, interest rate, and frequency of payments.
eMortgage Solutions will help you explore your options for mortgages, finding unbeatable deals that are affordable, and bring you closer to homeownership.
What's the Difference Between Pre-Approved and Pre-Qualified Mortgage?
The pre-qualification is the first step in the mortgage application process, and the pre-approval is the second. A pre-qualification is an estimate lending amount that doesn't require a full application. It is based on simple figures and is only an approximation, not a legitimate loan offer.
Pre-approval is the result of a successful mortgage application. It will be a conditional offer outlining amounts, terms, interest rates, and other information.
Mortgage RatesLearn More
Mortgage CalculatorsLearn More
Get StartedLearn More
Do Mortgage Pre-Approvals Affect Credit Score?
The pre-approval itself will not affect your credit score. Your report will be pulled, but your credit score won't be altered positively or negatively until you actually proceed with taking out the mortgage in question.
What Should I Do Before Getting Pre-Approved for a Mortgage?
It goes without saying that you should only seriously consider buying a house when you are financially able to do so. While financial ability means something different for everyone, it is advisable to be mindful of the following:
- Finances are in good standing
- Steady, secure employment
- Maximized credit scores
- Optimized debt-to-income ratios (not exceeding 40%)
- Prove your ability to pay your down payment, related fees, and more
When Should I Get Pre-Approved for a Mortgage?
As soon as you are ready to begin your search for a home. Pre-approval allows you to search within your means of affordability and allows you to lock-in an interest rate while you shop around.
How Long Do Pre-Approved Mortgages Last?
Pre-approved mortgages, and their corresponding interest rates are usually held from 60 to 120 days. The exact time will depend on the lender you have chosen.
Get Pre-Approved for a Mortgage Today
At eMortgage Solutions, our brokerage specialists will make every effort to keep you informed throughout this process. From submitting the application to comparing and contrasting your various options, you can count on our expertise.
Our experienced team can help you get closer to buying your dream home.