Getting pre-approved gives you a clear picture about your own financial status
and helps you manage your investment in a much better way.
By applying for a pre-approved
mortgage you will know the price
range you should focus on when you
start looking for your dream home
and you will avoid disappointment.
Pre-approval helps you plan your
money wisely since you can calculate
your down payment and monthly
payments. You know what to expect.
Your realtor will know exactly the
kind of properties you are looking
for, thus speeding up the process and
saving you both time.
Since your application has been
reviewed, you are in a better position
to negotiate the price, saving you a lot
of stress in the process.
Being pre-approved gives you an
edge over other home buyers as it
means a quicker sale for the seller.
Some sellers prefer to go with buyers
whose mortgage is pre-qualified.
The biggest benefit of pre-approval
is the ability to lock-in your mortgage
rate (usually for 120 days), protecting
you from increases in interest rates.
Based on the information you provide to your Mortgage Broker, an application will be prepared or your lender and your credit score will be checked. This is followed by your pre-approval and rate hold. Now you can star t house hunting with knowledge and confidence!
