Lenders set the terms and criteria for each step. During this process, the lender determines your borrowing capacity by analyzing your finances.<\/p>\n
Get a mortgage pre-approval online<\/h2>\n
To obtain a mortgage pre-approval, you must provide several documents proving your financial situation, residence, etc. These documents vary depending on your profile (salaried Quebecer, self-employed, newcomer, etc.).<\/p>\n
However, before submitting your application, we invite you to\u00a0make an appointment<\/a>\u00a0with one of our brokers to prepare your mortgage pre-approval application.<\/p>\n You can get your mortgage pre-approval from the following players:<\/p>\n – A\u00a0mortgage broker, which ensures that all possible options are considered)<\/p>\n – Directly with a lender, which limits your options and will not guarantee the best terms<\/p>\n The\u00a0mortgage broker\u00a0works with several lenders to find the most advantageous mortgage product adapted to your needs. In addition, many mortgage products are only available through a broker, such as products from direct banks (neo-banks), as well as alternative lenders or private lenders, if you ever want to\u00a0obtain a mortgage with bad credit\u00a0<\/a>. A\u00a0mortgage broker\u00a0does not lend you money directly to finance your purchase. He or she arranges this transaction by finding you the most suitable lender.<\/p>\n The mortgage lender will offer youinterest\u00a0rates and terms from their financial institution that differ from one lender to another.<\/p>\n The major disadvantage of going directly through banks is that they will only offer you their own mortgage products. Not being a specialist, you may end up with a restrictive product, high\u00a0penalties… To complete your mortgage pre-approval application, you must first contact a\u00a0mortgage broker.<\/p>\n We invite you to contact one of our brokers at (514) 447-3000 or by email at\u00a0equipe@hypotheques.ca<\/span><\/a>or in\u00a0make an appointment here.<\/a><\/p>\n To finalize your pre-approval application, our brokers will explain over the phone what documents you need to provide. The sooner you provide your information, the sooner you will receive a response to your application.<\/p>\n Once you have submitted your documents, depending on the status of your file and your situation, you can get an answer almost immediately.<\/p>\n Once you have received your mortgage pre-approval, you can begin your search for your future property and place offers.<\/p>\n The mortgage pre-approval makes your purchase more concrete! It is during this pre-approval that you will know your mortgage capacity which will facilitate your choice of house to buy.<\/p>\n By determining your borrowing capacity, you can more easily define your budget by planning the monthly payments needed to pay off your\u00a0mortgage.<\/p>\n You can freeze your mortgage rate for 90 days to avoid rate fluctuations. This way, you can safely choose your home without worrying about your\u00a0interest rate\u00a0going up.<\/p>\n Getting pre-approved by a lender allows you to be considered a serious buyer. For both the seller and your broker, it is reassuring to know that you are pre-approved for a mortgage because it shows that you are financially sound and able to position yourself as a buyer if the property is suitable.<\/p>\n Having a mortgage pre-approval allows you to be responsive in your purchase offers because you are certain to get a mortgage.<\/p>\n Before approving yourmortgage\u00a0application, the lender verifies that the property you wish to purchase meets the lender’s pre-defined conditions. You may be turned down by a lender if you have a bad credit history or for other reasons.<\/p>\n If your mortgage application is denied:<\/p>\n When you are in contact with one of our brokers, we will explain the differences between a fixed rate, a variable rate, a capped rate, the terms and options available.<\/p>\nWhere can I get a mortgage pre-approval?<\/h2>\n
Mortgage brokers<\/h3>\n
Benefits<\/h4>\n
\nYou do not pay the broker! They receive a commission from the lender once the deal is done, there are no hidden fees.<\/p>\nDisadvantages<\/h4>\n
![\"broker-mortgage-reapproval\"](\"https:\/\/hypotheques.ca\/wp-content\/uploads\/2023\/03\/63bc31abb2adfc37bd479e6b_courtier-hypothecaire.jpg\")
<\/div>\n<\/figure>\nMortgage Lender<\/h3>\n
Benefits<\/h4>\n
Disadvantages<\/h4>\n
\nYou can do yourmortgage\u00a0shopping but alone! A\u00a0mortgage broker\u00a0will do the shopping for you and offer you several options based on your financial situation.<\/p>\nDocuments required to obtain a mortgage pre-approval<\/h2>\n
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How do I get a mortgage pre-approval?<\/h2>\n
Contact our brokers<\/h3>\n
Apply for pre-approval by phone<\/h3>\n
Get an answer instantly<\/h3>\n
Make an offer on the property you are interested in<\/h3>\n
5 reasons to get pre-approved for a mortgage<\/h2>\n
1. Know your borrowing capacity<\/h3>\n
2. Calculate your down payment and know your monthly payments<\/h3>\n
3. Freeze your mortgage rate if interest rates rise<\/h3>\n
4. Be considered a serious buyer<\/h3>\n
5. Be sure to get your mortgage on time and be able to buy your property<\/h5>\n
![\"reasons-for-doing-a-application-pre-approval-hypothecary\"](\"https:\/\/hypotheques.ca\/wp-content\/uploads\/2023\/03\/63bc31e04465c0b68890a640_pre-approuvement-hypothecaire.jpg\")
<\/div>\n<\/figure>\nWhat to do if a mortgage application is refused?<\/h2>\n
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Questions to ask yourself before applying for a mortgage pre-approval<\/h2>\n
Fixed or variable rate<\/h3>\n
![\"difference-preapproval-prequalification-hypothecary\"](\"https:\/\/hypotheques.ca\/wp-content\/uploads\/2023\/03\/63bc3221f4f0816474567d72_approbation-hypothecaire-1.jpg\")
<\/div>\n<\/figure>\n