Pre-Approval

Why be Pre-Approved for Your Mortgage?

Mortgage pre-approval major benefits to a potential home buyer:

1) Pre-approval takes the borrowers through the initial stages of the mortgage process. MortgageLand will complete a mortgage application, perform a credit bureau report, ascertain the credit score. At the same time we will also need to document your source and amount of down payment as well as the source and amount of your family income.

By going through this process you will know what price range of property your down payment, income and credit will qualify you to buy.

2) Pre-approval allows you to lock in an interest rate for up to 120 days, from the date of pre-approval. This can be extended at the rates available at the time of the extension.

3) Pre-approval gives your real estate agent a tool to assist in negotiating your property purchase. By being able to say to a seller, "My buyers have been approved by MortgageLand for an adequate amount to buy this home", your real estate agent will have significantly better negotiating space. Sellers are likely to feel more confident in accepting your offer knowing that you have the financial ability to close the transaction & close it on time.