Akal Mortgages

Mortgage Pre-Approval

Government Programs for Home Buyers

    Apply Now For Instant Approval

    Min $ 300,000

    Min $ 25,000

    Best Mortgage Rates

    The benefits of getting a pre-approval

    By obtaining a pre-approval, you can speed up the process of securing a mortgage loan drastically. When you get pre-approved for a loan, you will generally have a lender review your income and credit information in advance and then they will provide a scribed statement that denotes how much you would be eligible to borrow.

    Lendevi Expert Advice

    Boosted credibility with the seller

    It is very important for a seller to consider a buyer who buying a home to be affordable and that that buyer is quite sure about his purchase.

    5% on the first $500,000 = $25,000

    10% on the next $200,000 = $20,000

    A total of $25,000 + $20,000 = $45,000

    Portability

    If you plan to live in the home for more than five years, you need not worry about portability that is, shifting the mortgage to a new property.

    Low-Frills Mortgages

    If you don’t plan on moving, refinancing or making huge prepayments in the upcoming five years, you can consider low-frills mortgages.

    Extra-Savings

    Most first-timer buyers opt for a 5-year fixed rate because they cannot afford an interest risk.

    Hybrid Mortgages:

    If you do go variable, look for one that maintains your payment the same regardless of interest rate variations. It’s easier for budgeting and gives you peace of mind if rates start climbing.

    Boosted credibility with the seller

    It is very important for a seller to consider a buyer who buying a home to be affordable and that that buyer is quite sure about his purchase.

    Greater flexibility for taking action

    With your finances already evaluated during pre-approval, you can take immediate action when you find the home you want to purchase.

    An advantage over other buyers

    If you are up against other prospective home buyers who have not been pre-qualified for a loan, then your pre-approval may just what you need to gain the upper hand.

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    FAQ

    Frequently Asked Questions

    The pre-approval amount is the maximum you may get. It does not guarantee that you’ll get a mortgage loan for that amount. The approved mortgage amount will depend on the value of your home and the amount of your down payment. It may be a good idea to also look at properties in a lower price range so that you don’t stretch your budget to its limit.
    With a pre-approval, you can:
    • Know the maximum amount of a mortgage you could qualify for.
    • Estimate your mortgage payments.
    • Lock in an interest rate for 60 to 120 days, depending on the lender.
    • There are several benefits to getting a Pre-Approval before you start searching for your next home.
    • Your mortgage will be secured for 120 days. Even if rates go up, yours won’t.
    • Pre-approval will make you look like a more serious buyer, helping you find a good realtor and can give you negotiating power with the home seller.
    • A mortgage pre-approval will make the final closing faster since you already have most of the work completed.