Why Should I Get Pre-approved?
August 22, 2022 | Posted by: Sharon Patton
Why Should I Get Pre-Approved?
Before you fall in love with a property make sure it's within your financial reach. Getting pre-approved gives you a clear picture of your buying power.
Let's look at the benefits of a pre-approval:
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 budget 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 me, an application will be prepared and submitted to one of our 50 lender partners. Working to get you the best option possible.
This is followed by your pre-approval and rate hold!
You can now go house shopping with knowledge and confidence!
If you are getting ready to buy your first home, make a move in the market to a bigger or smaller space, purchase a cottage or a rental property, let’s chat today and have you armed with a pre-approval to make for a smoother buying process.
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