The Power of a Preapproval
Updated: Dec 1, 2020
When looking for homes, people often dive in with a rough estimate of what they think they can afford. This can be dangerous however, especially if you find the home you want, but it is not financially viable. The first thing you should do if you are house hunting is get pre-approved. Then you will know what price range you should be looking in. This can not only save time and money, but also heartache.
Real estate agents love hearing the words “pre-approved.” Realtors are professionals and know how to find their clients homes that they desire within their price range. Although they will want to know your musts and wants for a house – number of bedrooms, property type, neighbourhood, etc, the number one thing they will need to know is your budget. The pre-approval will allow you and your realtor to narrow down your search.
The housing market has been very hot and because of this, it is important to be able to pounce on your dream home when you find it. Having the necessary documents ready, coupled with pre-approval will speed up the journey to purchase. Don’t get delayed with finding financing.
When working with a mortgage professional to get pre-approved, ask as many questions as possible! There are many additional costs associated with buying a home that many people do not think of – appraisals, closing costs, home inspections so ask questions so you are not surprised.
The process of purchasing a home is smoother for buyers who get pre-approved which is very important if there are tight deadlines. A little pre-planning will help alleviate some
stress, and in the end, allows you to better understand what what’s financially realistic.
If you have any questions about mortgage pre-approval, or the home buying experience in general, don’t hesitate to give me a call. My job is to help you get into a house that suits your needs, your financial picture, and of course one you’ll be proud to call home.