Pre-approvals are certainly beneficial. However, they can also be very disappointing if you are not prepared to know what they actually mean. They don’t mean that you have a mortgage. They don’t mean that the rate you are pre-approved for will be the rate you pay. A good pre-approval will reflect that you are properly income qualified. As mentioned previously, many banks will give you a pre-approval based on a rate guarantee, NOT ON YOUR INCOME. This means that you may be in a lurch because the bank has not pre-approved you properly. A good pre-approval will be based on asking for documents to prove your income. The last thing you want is to be “pre-approved” only to be told after you’ve made an offer on a property that you actually don’t qualify. Find out how much you can afford before you go house hunting! This will keep you focused on shopping for homes within your price range.
Alternative lender for self employed:
As an entrepreneur, you’ve worked hard to create your own business. You understand the value of working with like-minded people who share your passion for success, and believe in the power of the individual.
Now that you are ready to fulfill your goal of home ownership and are looking at your mortgage options, choosing a Mortgage Agent is a smart move. Why?
As a mortgage agent, I have access to multiple lenders, allowing you to get the best options and prices for your mortgage. I work independently, on your behalf, to search out the best lenders who understand and specialize in self-employed mortgages. These mortgages offer favourable terms suitable to your situation. With a mortgage agent like me, you can be confident that I won’t leave you alone to find a mortgage that’s right for you. I am on your side every step of the way.