Ottawa Mortgage Broker – The Benefits of Getting Pre-Approved

 

If you are looking to purchase a home in the Ottawa area, the first step in your home buying process should be to contact an Ottawa mortgage broker. As experts in the industry at the Mortgage Emporium, we will help you get pre-approved for the mortgage you need, in a timely manner, so you can move on to finding the house of your dreams.

Getting pre-approved for your loan is a huge step in the mortgage process, and should be done before anything else because it will act as a sort of road map for the rest of the mortgage process.

Without a pre-approval you won’t be aware of any credit issues you may have, you won’t be aware of what price range you should be looking in and you won’t have any idea as to whether or not you can expect to be approved for your mortgage.

When you go through the pre-approval process, you will be filling out a complete application and providing documentation, just as you will when you officially apply for your mortgage. At this point, if you are pre-approved, that’s fantastic and you can move on to house hunting. If you are not pre-approved, your mortgage broker will be able to explain why your loan was denied, giving you the chance to resolve any issues before you actually apply for your loan.

A pre-approval will also give you a much better idea as to what sort of financing you can expect to receive which will help you narrow down your search by providing you with a solid price range to work within. You will also have the added bonus of greater bargaining power when you do find a home as a pre-approval is the next best thing to being approved and closing on your mortgage.

If you are interested in purchasing a home and aren’t sure where to begin, start with getting a pre-approval. Get in touch with an Ottawa mortgage broker at The Mortgage Emporium by calling phone number 1-888-421-9330 to get your mortgage process started with a pre-approval today!

Source: http://www.nytimes.com/2012/06/10/realestate/mortgages-the-advantages-of-preapproval.html
Source: http://www.mortgage101.com/article/advantages-mortgage-preapproval

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