• I have used The Biggar Team 3 times now.

Getting my Mortgage Pre-approval

The first step when deciding to purchase a home (even before you start shopping with a realtor) is getting a mortgage pre-approval by an experienced mortgage specialist. Here’s why:

  • By getting pre-approved for a mortgage, you’ll have a better idea of how much you can borrow, what your monthly mortgage payments will be and the mortgage options available to you.
  • If you choose a fixed interest rate mortgage, you are guaranteed that rate during the 130 day pre-approval period, so you are protected if interest rates should rise while house hunting. If interest rates lower in that time period, you will receive the lowest rate available.
  • Once you’ve found the perfect home, you’ll be able to act quickly because you’ve obtained a mortgage pre-approval. Your offer will be stronger and there will be no unexpected surprises during the approval process. In most cases, you will receive your mortgage approval much sooner.

How a mortgage pre-approval works

The Biggar Team will meet with you or talk to you over the phone to complete a mortgage application. You will be asked to provide some documents and information that include employment details, list of account balances, assets and liabilities. We will then have a good idea of an affordable mortgage payment for you. Once you have a clear understanding of how a mortgage pre-approval works, we will finalize the pre-approval by pulling your credit bureau. Your credit bureau will show the bank how you manage credit. If everything looks good, we will tell you the price range of home you can shop for. While you search for your home, The Biggar Team will touch base with you periodically if anything changes in the market that could affect you or your mortgage pre-approval.

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. If you qualify for a pre-approved mortgage, you’ll know the maximum mortgage size you will qualify for and be guaranteed a rate for a specific period of time. If you don’t qualify for a pre-approved mortgage, we will be able to guide you in the right direction and give you an estimated time period it may take to get your pre-approved mortgage.