How it works

Getting pre‑approved for a mortgage is a great way to show sellers that you’re a serious and credible buyer. Submit your pre-approval letter with your offer, and it may be the key to securing your new home.


While shopping for a dream home may be pleasant, serious homebuyers need to start the process in a mortgage broker's office, not a property web site. Potential buyers benefit in several ways by consulting with a mortgage broker and obtaining a pre-approval certificate. 


First, they have an opportunity to discuss loan options and budgeting with the broker. Second, the lending bank will process the full application confirming suitability and avoiding any future problems. Third, the buyers learn the maximum they can borrow and therefore have an idea of their price range.  Lastly, home sellers are more willing to negotiate with people who have proof that they can obtain financing.


Pre-Qualified, Pre-Approved…What's the Difference?


When you're pre-qualified for a mortgage, a lender has simply given you a good idea of how much you may be able to finance to buy your home.

When you've got a pre-approved mortgage, a lender has made an actual commitment (subject to a property valuation) to lend you money, a major benefit when signing reservation contracts & paying non-refundable deposits!


Mortgage pre-approval should be your first step when you're seriously looking for a home to buy.


Why get pre-approved for a mortgage?


1 - You'll save time, seeing only homes you can afford.

2 - You can better manage your money, knowing your monthly payment amounts, as well as how much deposit will be required.

3 - Real estate agents will serve you better because they know you're serious and ready to buy.

4 - When you make an offer to purchase, the seller is more likely to give it serious consideration  because you have solid financial backing.

5 - Your pre-approved status WILL give you more negotiating power with a seller.


Best of all, at The Mortgage Shop, we'll respond within 12 hours of receiving your request to start your mortgage pre-approval.


What happens in the pre-approval process?


You and one of our mortgage specialists will discuss your financial strategy and needs, mortgage amount, deposits, purchase price, costs etc.


You'll learn about the various mortgage options available to you (fixed vs. variable rate, interest terms, payment options, etc.) and discuss which of them best suit your needs.

With your authorization, you mortgage specialist will send you an application form, which you will be required to complete & provide details on such items as employment, income, assets and liabilities.


You'll be requested to provide specific documentation to support the information including a credit bureau report, which will then form part of the complete ‘packaged application’ , additionally signing an authorization contract legally allowing The Mortgage Shop to process your personal details with our Spanish Lenders. Once this is complete and received, we aim to have full mortgage approval confirmation from our leading lenders within 8 working days.

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For more information regarding pre-approval mortgages please click the 'ENQUIRE NOW' tab below.