SARAH COLUCCI, MORTGAGE BROKER
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Mortgage Blog

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

Second Location: 
Tottenham, Ontario 

Head Office: 
15 Wertheim Court, Suite 210
Richmond Hill, Ontario 
L4B 3H7 

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Mortgage Edge, FSCO Lic. 10680

Telephone

Direct: 647-773-4849
​
Email: sarah.colucci@coluccimortgage.com
Picture
  • Home
  • ABOUT ME
  • Why Use A Mortgage Broker
  • APPLY ONLINE
  • PRODUCTS
    • BEAT THE BANKS
    • WHY INVEST IN REAL ESTATE
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • SELF-EMPLOYED MORTGAGES
    • 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
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • PERSONAL LOANS
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE QUESTIONS
  • MORTGAGE DICTIONARY
  • MY LENDERS
  • MISSION
  • MORTGAGE NEWS
  • MULTIMEDIA & APPEARANCES
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • TESTIMONIALS
  • HOUSE HUNTING CHECKLIST
  • MORTGAGE WITH ME