Ryan Anderson - Your "Motivated" Mortgage Broker!

ryan.anderson@mortgagegrp.com 204-479-0775

October 21, 2019
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What is a Pre - Approval and how do they differ?
A proper pre-approval is a process where we go through your entire application prior to making an offer, while taking into consideration and looking at all mortgage qualifying factors. This includes your credit score, your income (what you can show on paper), your down payment (where it's coming from), and other debts or obligations.
Once that is determined, then I can provide you a pre-approval letter which indicates that you've gone through everything with a licensed mortgage broker, and you're prepared to make an offer. It indicates to the seller that you're a serious buyer, you've done your due diligence and now your focus is to ensure the property itself you are purchasing is up to standards and value.
By being pre-approved, you should understand what purchase price you qualify for, your different mortgage options available, along with your expected costs and budget amounts.
Why aren't all Pre - Approvals the same? 
Too many times clients visit banks or other institutions where no credit score is pulled, no documents are collected or information confirmed and yet they still leave with a pre-approval letter. Only the income is looked at and it's more of being pre-qualified, then pre- approved. The client then makes an offer on a home and brings it back to the bank only to find out they don't qualify after all. Perhaps they need a co-signer, a bigger down payment or are legally stuck with having to buy a home with no options available. 
This continues to happen on a weekly basis, as clients routinely come to me to help me find solutions after the fact. To avoid any possible concerns or problems in the future, be sure you are properly pre-approved or get a second opinion to ensure you are prepared. That way, you won't have any surprises.
To be pre-approved now, simply click on Apply Now and fill out the secure form. All of your information remains strictly confidential.
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