{"id":3678,"date":"2018-06-05T07:38:34","date_gmt":"2018-06-05T07:38:34","guid":{"rendered":"https:\/\/www.matrixmortgageglobal.ca\/?p=3678"},"modified":"2021-04-01T06:54:23","modified_gmt":"2021-04-01T06:54:23","slug":"how-to-get-pre-approved-for-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/how-to-get-pre-approved-for-a-mortgage\/","title":{"rendered":"How to Get Pre-Approved for a Mortgage"},"content":{"rendered":"<p><strong>Matrix Mortgage Global \u2013 How to Get Pre-Approved for a Mortgage<\/strong><\/p>\n<p>Getting preapproved for a mortgage is an important first-step in purchasing a home. Not only does it save you time and make the process go more smoothly but it can also protect you from having to pay a higher interest rate should rates go up during your search.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3763\" src=\"https:\/\/www.matrixmortgageglobal.ca\/wp-content\/uploads\/2018\/08\/matrixblog14-1.jpg\" alt=\"Get Pre-Approved for a Mortgage\" width=\"1200\" height=\"675\" srcset=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2018\/08\/matrixblog14-1.jpg 1200w, https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2018\/08\/matrixblog14-1-300x169.jpg 300w, https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2018\/08\/matrixblog14-1-1024x576.jpg 1024w, https:\/\/www.matrixmortgageglobal.ca\/oldlive\/wp-content\/uploads\/2018\/08\/matrixblog14-1-768x432.jpg 768w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<p>There are three things that a <a href=\"https:\/\/www.matrixmortgageglobal.ca\">mortgage pre-approval<\/a> will tell you:<\/p>\n<ul>\n<li>The maximum amount you can spend.<\/li>\n<li>The monthly mortgage payment you will have to make should you buy a home at the maximum price.<\/li>\n<li>The interest rate you will be paying in the first term of your mortgage.<\/li>\n<\/ul>\n<p>Getting preapproved for a mortgage will lock in a guaranteed maximum interest rate for 120-160 days. Pre-approvals do not cost you anything nor do they mean you are making a commitment to go with a certain lender.<\/p>\n<p><em>How to get a mortgage pre-approval<\/em><\/p>\n<p>The first step toward getting a pre-approval is making an appointment to sit down with a lender or mortgage broker. In most cases, it is better to see a mortgage broker because he or she can then shop around on your behalf to find you the best possible rate.<\/p>\n<p>In order to<a href=\"https:\/\/www.matrixmortgageglobal.ca\"> get pre-approved<\/a>, you will have to answer a number of questions about your financial situation as well as provide documentation.<\/p>\n<p>Lenders will determine your eligibility for a mortgage based on the following four factors:<\/p>\n<ol>\n<li><em>Credit score<\/em><\/li>\n<\/ol>\n<p>Your credit score helps determine your financial health and how big a risk the lender is taking if they give you a mortgage. If you have a credit score that is over 680, you should be able to get a mortgage from a traditional lender such as a major bank. If your score is between 600 and 680, you may still be able to get a loan from a traditional lender, but they will look at other factors first.<\/p>\n<p>If your credit score is less than 600, it doesn\u2019t mean that you can\u2019t get a mortgage, but you will have to look at alternative lenders.<\/p>\n<ol start=\"2\">\n<li><em>Down payment<\/em><\/li>\n<\/ol>\n<p>The next thing you will need for your mortgage pre-approval is a down payment. At the minimum, you will require 5%, however, if your down payment is anything less than 20%, it will be necessary to purchase mortgage default insurance.<\/p>\n<ol start=\"3\">\n<li><em>Debt service ratio<\/em><\/li>\n<\/ol>\n<p>This calculation is used to determine how much you can afford to pay your mortgage given your income, expenses and other debt.<\/p>\n<ol start=\"4\">\n<li><em>Supporting documentation<\/em><\/li>\n<\/ol>\n<p>Finally, depending on the lender there are a number of pieces of supporting documentation that you may be required to provide such as identification, pay stubs, a record of employment, information about other assets and debts, etc.<\/p>\n<p>If you are ready to take the first step toward <a href=\"https:\/\/www.matrixmortgageglobal.ca\">homeownership<\/a>, get preapproved with Matrix Mortgage Global today. Call us at 1-877-542-0610.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Matrix Mortgage Global \u2013 How to Get Pre-Approved for a Mortgage Getting preapproved for a mortgage is an important first-step in purchasing a home. Not only does it save you time and make the process go more smoothly but it can also protect you from having to pay a higher interest rate should rates go&hellip;<\/p>\n","protected":false},"author":1,"featured_media":3763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[44,18,86,96,9,39],"class_list":["post-3678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-investment-property","tag-investment-property-financing","tag-matrix-mortgage-global","tag-mortgage-pre-approval","tag-private-mortgage","tag-renovation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.4.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Get Pre-Approved for a Mortgage - Matrixmortgageglobal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.matrixmortgageglobal.ca\/oldlive\/how-to-get-pre-approved-for-a-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Get Pre-Approved for a Mortgage - Matrixmortgageglobal\" \/>\n<meta property=\"og:description\" content=\"Matrix Mortgage Global \u2013 How to Get Pre-Approved for a Mortgage Getting preapproved for a mortgage is an important first-step in purchasing a home. 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