Pre-approval for Mortgage:

Once you’ve selected the team manager (your real estate agent), they can help you choose a Mortgage Broker to get you *pre-approved. On your team, the Mortgage Broker is your star pitcher.  Their performance directly affects the outcome of the game, and therefore it is important that you find someone who is well qualified for the job.

Lenders consider many factors when pre-approving you for a loan including your credit, income and debt, the type of property you’re looking to purchase and the amount of down payment you will be making. 

Most experienced Real Estate Agents will take you to view properties only after you have met with a Mortgage Broker and been pre-approved, because this step not only shows a certain level of commitment to the buying process, but it also determines what you can realistically afford. 

*Pre-approval - This usually refers to the loan officer’s written opinion of the ability of a borrower to qualify for a home loan, after the loan officer has made inquiries about debt, income, and savings. The information provided to the loan officer may have been presented verbally or in the form of documentation, and the loan officer may or may not have reviewed a credit report on the borrower.