Getting a mortgage pre-approval means you’re preparing to take the next step in the home-buying process. Edward will discuss your financial strategy and needs, mortgage amount, down payment, purchase price, etc.
In the process you will learn about the various available mortgage options (fixed vs. variable rate, interest terms, payment options, amortization, etc.) and discuss which of them best suit your needs.
With your consent, Edward will fill an application, which will require you to provide details on such items as employment, income, assets, down payment and liabilities. He will also, with your permission, obtain a credit bureau report.
Edward will advise you on the documentation (income confirmation, down payment confirmation, etc.) you'll need to supply upon conditional approval of your mortgage. Any conditions must be met for your mortgage to be fully approved.
Pre-approvals are subject to your continued good credit and are usually good for 120 days, depending on the lender.