Skip to content

Mortgage pre-approval:
getting ahead with your
Xperto mortgage broker

What is mortgage prequalification (also known as mortgage pre-approval)? What are its benefits?

The first step of the mortgage pre-approval process consists of scheduling a meeting with your mortgage broker at Xperto, absolutely free of charge. During the course of the meeting, you will go through the following key steps:

  • You will determine your financing needs based on several factors (income, expenses, assets, down payment, amount you want to allocate to the mortgage repayment each month, etc.);
  • You will be informed of the costs you’ll have to pay for the purchase of your property (inspection, notary, municipal and school taxes, 9% tax on the insurance premium, welcome or transfer tax);
  • You will leave the meeting with a list of documents that you’ll need to provide to your broker at a later date (the more complete your file, the more accurately your mortgage simulation will reflect your present circumstances).

What are the benefits of mortgage prequalification?

  • Know your borrowing capacity.
  • Get your credit rating.
  • Quickly obtain the best mortgage offer from a multitude of financial institutions.

Why entrust your mortgage pre-approval with Xperto?

In addition to speeding up the purchasing process when you find your dream property, mortgage pre-approval allows you to “freeze” the interest rate for 120 days. Essentially, this guarantees that your rate will not increase during this period. Even if the rate happens to drop further, you can still capitalize on it, ensuring that you get the best rate in this window period.

Properly building your file will also help you save valuable time during your offer. Today, a short 10-day period (including weekends and holidays) is often granted to obtain the necessary financing after the promise to purchase, whereas before this period could extend to 21 days.

In addition, your real estate broker will benefit from your pre-approval results because knowledge of your exact budget allows for more targeted research.

Psst! In order to serve you best, it is important to keep us informed of all the major actions that you undertake with your real estate broker. This will ensure that we’re all on the same page, allowing for a more efficient prequalification process.