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We begin this section with a caution, as it has become more and more prevalent that in today’s day and age of computers and internet banking that the pre-approval issued by some of the lending institutions isn’t worth the paper it is written on. For the purpose of saving time and money, many lenders will simply pre-approve a client based on the information submitted on-line without actually requesting any form of employment or down payment confirmation and many times not even a credit bureau check being performed. We have heard of stories where an offer to purchase has been accepted, with no financing conditions because the client was under the assumption that this pre-approval was legitimate and only to find out that when the income was requested or the credit bureau was accessed that the pre-approval was worthless.
We here at SAFEBRIDGE will review each and every pre-approval request individually and make sure that all the I’s are dotted and T’s are crossed, before any sort of pre-approval is issued. We are very familiar with each lenders requirements and what conditions to be wary of. This is our job and we expect our consultants to be well versed, so that they represent our clients with the utmost financial knowledge.We have prepared a short list of items that will be required for a pre-approval, so if you are in the market for a purchase or are simply looking to get a head start on the upcoming renewal, then we would advise that you start to gather the following documents. Keep in mind though that lenders will be looking for personal information that is current – in other words, less than 3 months old and in many cases less than 30 days old. For reference purposes, here is a list of items that will be requested when applying for a mortgage.