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Mortgage News 2022

The Edge On Mortgage Pre-Approvals

7/1/2020

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Before you begin house hunting, it’s important to know what you can afford and how much mortgage you can get from a bank.

Getting pre-approved makes the home buying process much easier since you can view properties in your price range almost immediately with a better chance of successfully purchasing your dream home.

What’s involved in getting a pre-approval?
​
During a pre-approval appointment, we will gather your personal information including address, date of birth and employment information. We will request to see your income documentation preliminarily to ensure we are using the correct amount in the application.

If you are self-employed or hourly, we will take extra steps to ensure we have used the most income to qualify you, which is usually a two-year average based upon your filed taxes or T4s.

Sometimes, we can use bank statements to show income for self-employed individuals. 

We will also collect other documentation that supports additional income such as child support, alimony, ODSP or the child tax credit. 

What makes a pre-approval different from a pre-qualification is we underwrite your application upfront to guarantee we have offered the most mortgage you will receive. We also have an interest rate held for you for up to 120 days which allows you to shop for a home knowing you will still receive a great rate despite rate fluctuations.

To get started on a mortgage pre-approval today, apply here.
​

Sarah A. Colucci
Mortgage Agent, Lic. M14000929
Mortgage Edge, Broker 10680 
Direct: (647) 773-4849

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Address

411 Queen St. 
Newmarket, ON
​L3Y 2G9

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Sherwood Mortgage Group
Licence # 12176

Telephone

Direct: 647-773-4849
​
Email: scolucci@sherwoodmortgagegroup.com
Picture
  • Home
  • WHY USE SARAH FOR YOUR NEXT MORTGAGE
  • APPLY ONLINE
  • PRODUCTS
    • Free House Value Tracker Report
    • CASH-BACK MORTGAGE
    • BRIDGE FUNDS
    • REVERSE MORTGAGES
    • SELF-EMPLOYED MORTGAGES
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE DICTIONARY
  • MORTGAGE NEWS
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • HOUSE HUNTING CHECKLIST
  • APPRAISALS
  • FIXED OR VARIABLE RATE?