Set a Clear Budget
Knowing how much you’re pre-approved for allows you to set a realistic budget when searching for a home. You won’t waste time looking at homes that are outside of your price range.
At XLG Mortgage Group, we believe that the journey to homeownership should be as smooth and stress-free as possible. One of the most crucial steps in this process is obtaining a mortgage pre-approval. With a pre-approval, you can confidently search for your dream home, knowing how much you can afford and that financing is within reach.
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. During the pre-approval process, a lender reviews your financial situation, including your income, credit history, and debts, to determine how much they are willing to lend you for a home purchase. The pre-approval also typically includes an estimated interest rate and outlines the loan terms.
We work closely with each client to ensure that their pre-approval is tailored to their unique financial situation. Whether you're a first-time homebuyer or a seasoned investor, we’ll guide you through the process with expert advice.
At XLG Mortgage Group, we have access to a wide network of lenders, ensuring you get competitive rates and flexible terms that suit your needs.
We understand that time is of the essence, especially in competitive real estate markets. Our pre-approval process is designed for speed and efficiency, so you can start shopping for your home as soon as possible.
Obtaining a mortgage pre-approval offers several advantages:
Set a Clear Budget
Knowing how much you’re pre-approved for allows you to set a realistic budget when searching for a home. You won’t waste time looking at homes that are outside of your price range.
Strengthen Your Offer
When you’re pre-approved, sellers take your offer more seriously because they know you’ve already secured preliminary financing. This can give you a competitive edge, especially in hot real estate markets.
Lock in Your Interest Rate
Many pre-approvals come with a guaranteed interest rate for a certain period (usually 60 to 120 days). This protects you from potential rate increases while you search for a home.
Faster Closing Process
With a pre-approval in hand, the mortgage approval process is often quicker once you find a home and make an offer. Much of the paperwork has already been reviewed, allowing for a smoother, faster closing process.
Getting pre-approved is a straightforward process, but you’ll need to provide certain documentation to your lender. This may include:
Recent pay stubs, tax returns, or proof of self-employment income.
An estimate of how much you plan to put down on your home
Documentation that verifies your employment status and stability.
Details of any outstanding loans, credit card debt, or other financial obligations.
A credit check will be performed to assess your creditworthiness and determine your interest rate.
we make the pre-approval process as easy as possible. Our team will walk you through each step, ensuring that you understand the documents required and the terms of your pre-approval.
A typical mortgage pre-approval is valid for 60 to 120 days, depending on the lender. During this period, you can shop for a home knowing your interest rate is locked in. If you don’t find a home within this time, don’t worry – you can often renew or extend your pre-approval, depending on the lender’s policies.
At XLG Mortgage Group, we streamline the pre-approval process to make it as quick and simple as possible. Here’s how it works:
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.
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 Hespler Road,
Cambridge, ON, N1R 0E3