Tag: century 21

The power of mortgage pre-approval

Once you’ve made the decision to buy a house it’s easy to get swept away into the excitement of it all and simply overlook a simple step that makes the process a whole lot easier, Mortgage Pre-Approval.

They may not be the most appealing words you’ve ever heard, you might even be a little afraid, some Realtors won’t even work with you until you have one, but let me tell you, there’s a lot to be gained from getting Pre-Approved before starting your home search.

Don’t Set Yourself Up to be Let Down

Usually the first thing anyone wants to do when they’ve decided to buy a house is jump online and start searching properties, virtually walking neighbourhoods and booking appointments to start seeing what’s out there. You deserve to be excited, this is one of the biggest moments of your life, but you don’t want to set yourself up for disappointment either. By taking the time to get your Mortgage Pre-Approved you’ll already know your budget and will avoid wasting time on properties that are over or under your price range.

Lock It In

The last thing you want to do is find your dream home, only to notice the mortgage rates have changed since the last time you checked with your lender. If you get Pre-Approved you can house hunt at ease knowing that, with the majority of banks, your mortgage rate will be locked in against increases for approximately 120 days.

Competition Can Be Steep

You’ve all heard about the bidding wars happening for properties now-a-days, the competition can be fierce! One way to show your Realtor, and most importantly, Sellers that you’re serious about making a purchase is by having your Mortgage Pre-Approved. It’s an easy way to stand out from the competition and show that you’re ready to get the deal closed due to your solid financial backing.

So What is Mortgage Pre Approval and How Do You Get It?

There’s a difference between Pre-Approval and Pre-Qualification. With a Pre-Qualification, your lender is relying on the information provided by you to estimate how much you would be qualified to borrow. On the other hand, with a Pre-Approval, the lender verifies your information and documentation to determine exactly how much they would be willing to lend.
Although getting your Mortgage Pre-Approved may feel like an extra step in the process, it’s well worth it. Imagine the stress of finding your dream home and then waiting to see how much you’ll be approved for. If you’re interested in buying a home take the first step and contact your bank to get your Mortgage Pre Approved, you can even do it online!