Mortgage Pre-Qualification

Preparing to buy a home quickly? A mortgage pre-qualification can be provided after an expedited assessment process. The assessment looks at your financial information, including debt, income and assets. Upon completion, you receive an estimate on the mortgage amount you may be approved for as well as a rate that you may qualify for. Typically, the Rate Hold Period is between 60 and 120 days. After the Rate Hold Period ends your Pre-Qualification will expire.

It’s important to note that a pre-qualification is not an official mortgage approval. Rather, it is a preliminary assessment of your qualifications. To receive an official mortgage approval, known as a Commitment Letter, a completed Agreement of Purchase and Sale for your property is required. An appraisal may be required and the approval is subject to a thorough Underwriting review of your income, employment, property details, purchase agreement and Down Payment. You will be required to provide documents and more financial details before getting a final approval for a mortgage.