There are many ads out there right now that are telling people to get Instantly Pre-Approved anytime, any day!!! BEWARE, those ads are very misleading and can be very frustrating as well when you do to buy a house and find out the pre approval you have was just a pre qualification based on no information supplied to back up your application.
A real pre-approval, or at least as best as you can really get if you have not placed an offer yet, is based on supplying the income documentation that will back-up your income type and also a credit check is done. From that a Mortgage Broker will advise you meet to discuss your situation, check the documents you have that confirm your income and then actually going over your income to debt ratios based on that information.
I true approval however is when you have actually placed an offer and then and only then does the full file go to the lender and then if required to the insurer to get full approval. These ads are very scary and also again misleading!!! I urge you to contact us at Advance Mortgage to get the REAL Pre Approval and Approval!!!
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