What are the Advantages of getting a Mortgage Pre-Approval?

Getting pre-approved is a crucial step in qualifying for a mortgage. Getting a mortgage pre-approval is like getting the green light from a mortgage lender that you are eligible for getting a mortgage. The pre-approval gives you an accurate idea of what the lender will offer you, in terms of your loan amount and interest rate. 


If you are confident that you can qualify for a mortgage, you should move ahead with the mortgage pre-approval process. Here are the advantages of getting pre-approved for a mortgage.
  • You will get an estimate of the loan you can qualify for. This can prove to be quite beneficial for you to determine how much house you will be able to afford.
  • On learning that you have been pre-approved, home sellers will take you more seriously. They will see you as a potential homebuyer and will feel more comfortable accepting your offer.
  • You’ll be reassured that you’re likely going to get a full approval.
  • You also get the opportunity to compare interest rates before you commit to a specific lender.
  • With a mortgage pre-approval, you will get an idea about where you stand financially and what short-term improvements can be made to your credit before closing. You can improve your mortgage amount by paying down some of your debt, for example.
If you want to get mortgage pre-approval while buying a home, you must visit the official website of RateShop.ca. There are over 65 lenders working with us to provide our customers with the best mortgage rates so that they can save big on their home purchase. On our website, you can easily apply and get pre-approved. This way you will get an idea about how much mortgage you can apply for. Visit our official website to learn more!
Location: Mississauga, ON, Canada

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