WHY GETTING PRE-APPROVED MATTERS MORE THAN EVER

Mortgage rules continue to evolve, and one of the biggest changes has been the qualifying rate. Even if the rate you’re offered is much lower, lenders must assess your ability to afford payments at a higher benchmark rate — ensuring long-term stability and reducing financial risk.

Here’s what buyers need to know to protect themselves before shopping for a home 👇

1️⃣ Secure a rate hold before rates climb

Rate increases can happen quickly, and without warning. 

✔️ most lenders offer 120-day rate holds 

✔️ protects you from rising rates 

✔️ gives time to shop confidently 

A pre-approval with a secured rate hold shields you from sudden increases during your home search.

2️⃣ Ensure your full credit check is completed

A “quick quote” is not a true pre-approval. 

✔️ lenders must review your full credit bureau 

✔️ hidden issues can derail financing later 

✔️ protects you when buying and selling 

A proper credit review prevents surprises once you’ve already committed to a purchase.

3️⃣ Confirm your income type qualifies under lender rules

Different income types require different documentation. 

✔️ commission, bonuses, overtime = 2-year history 

✔️ shift differentials must be verified 

✔️ variable income must show consistency 

A pre-approval must reflect how you actually get paid — not just your base income.

4️⃣ Understand how porting really works

Many buyers assume porting is automatic, but it’s not. 

✔️ you must re-qualify under current rules 

✔️ qualifying rate still applies 

✔️ approval isn’t guaranteed 

Even when transferring a mortgage from one property to another, the new qualification rules must be met.

5️⃣ Refinancing may come with a higher rate than new buyers receive

This surprises many homeowners. 

✔️ low-down-payment mortgages are insured 

✔️ insured mortgages carry lower risk to lenders 

✔️ refinances are uninsured and priced higher 

If refinancing is on your mind, moving sooner can help you secure a better rate before conditions change again.

6️⃣ Rental properties face stricter lending conditions

Lenders have tightened guidelines for investment properties. 

✔️ higher minimum down payments 

✔️ stronger net-worth requirements 

✔️ fewer lenders willing to finance rentals 

If you own multiple properties, proper tax reporting and documentation are essential for qualification.

💬 Final Thought

A true pre-approval is far more than a quick estimate — it’s a full review of credit, income, documentation, and eligibility under today’s rules. Proper preparation prevents last-minute declines and ensures buyers make offers with confidence.

For a complete pre-approval review and rate-hold assessment, send The Frontline Mortgage Group a message anytime.