Know Your Budget
A mortgage pre-approval calculator helps determine how much you can afford.
At XLG Mortgage Group, we believe that securing a mortgage pre-approval is a crucial first step in the home-buying process. It gives you a clear picture of how much you can afford and strengthens your position when making an offer. Whether you’re considering an RBC mortgage pre-approval, CIBC mortgage pre-approval, or TD mortgage pre-approval, our team ensures a smooth and efficient process.
Our team of mortgage experts is here to guide you through the pre-approval process, ensuring you have a clear understanding of your financial position and the options available to you.
A mortgage pre-approval is an official document from a lender indicating that you qualify for a mortgage, subject to certain conditions. The lender reviews key financial details, including your credit score, income, and debt-to-income ratio, to determine how much they are willing to lend.
Many homebuyers ask:
At XLG Mortgage Group, we help answer these questions and guide you through the mortgage pre-approval process, ensuring you understand every step.
Obtaining a mortgage pre-approval offers several advantages:
Know Your Budget
A mortgage pre-approval calculator helps determine how much you can afford.
Stronger Offers
Sellers take offers more seriously when backed by a pre-approval letter.
Interest Rate Lock
Many lenders lock in your rate for 60 to 120 days, protecting you from increases.
Faster Closing
With financial details already reviewed, final mortgage approval is quicker.
Whether you need an Ontario mortgage pre-approval calculator or expert guidance, XLG Mortgage Group provides tailored solutions.
To qualify for a mortgage pre-approval, lenders typically require:
Recent pay stubs, tax returns, or proof of self-employment income.
The amount you plan to put down affects loan terms.
Ensures job stability and income consistency.
Includes outstanding loans, credit cards, and other obligations.
Helps determine your mortgage pre-approval credit score.
For those asking “Do you need a mortgage pre-approval letter to make an offer on a house?”, the answer is yes—it strengthens your buying position.
A mortgage pre-approval is typically valid for 60 to 120 days. If you don’t find a home within this period, you may need to renew or extend your pre-approval, depending on lender policies.
At XLG Mortgage Group, we help clients stay informed on expiration dates and renewal options to avoid disruptions.
XLG Mortgage Group simplifies the mortgage pre-approval process with these steps:
Contact us at 905-206-0090 or toll-free at 1-833-932-0012 to schedule an initial consultation. We’ll discuss your home-buying goals and review your financial situation.
We’ll guide you through the documents you need to provide, such as proof of income, credit history, and other financial details. This information will be used to determine your pre-approval amount.
Once we have all the necessary documentation, we’ll submit your application to one of our trusted lenders. They’ll review your financial information and provide a pre-approval amount.
Once you’re pre-approved, you’ll receive a letter outlining the loan amount, estimated interest rate, and the terms of your pre-approval. You can use this document when making offers on homes to show sellers that you are a serious buyer.
Getting pre-approved for a mortgage is an important step, but improving your financial position can help secure better loan terms. Here are some tips to enhance your chances:
By taking these steps, you can improve your mortgage terms and increase the likelihood of securing the best financing available.
Ready to take the next step toward securing your mortgage? Reach out to XLG Mortgage Group today for a consultation. Our experts are available to answer your questions, discuss your financial goals, and help you find the mortgage product that best suits your needs.
+1 905-206-0090
+ 1 833-932-0012
info@xlgmortgagegroup.com
5250 Solar Drive, Unit # 208,
Mississauga, Ontario, L4W 5M8
207-460 Hespeler Road,
Cambridge, ON, N1R 0E3
© 2024 Created with CDT