When searching for a home, having a preapproved Mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected from fluctuating mortgage rate increases while searching for your new home. It will also provide you with the leverage you may need to purchase a home.
Your Mortgage Specialist will answer your questions and help you determine which financing terms and options are right for you.
Once you’ve found the home you want to purchase, there are some documents you’ll probably be asked for in order to finalize your financing. They will include:
- A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect’s or builder’s plans and details on lot size and location.
- A copy of the accepted Agreement of Purchase and Sale or the building contract, if this document has been prepared.
- Documents to confirm employment, income and source of pre-approval.
If you have a pre-approved mortgage, it’s a simple matter of finalizing a few details which your Mortgage Specialist will explain to you.