The Advantages Of Mortgage Pre-Approval

Dated: February 5 2021

Views: 27

The decision to purchase a home can be an exciting but sometimes confusing undertaking. When beginning your search for the perfect home, there are a number of factors that you will want to consider. Whether you are a first time buyer or already own a home and want to move up; getting pre-approval for your mortgage is a necessary and time saving step. Below are some the benefits of getting your pre-approval before you start your search! 

Know Your Budget! 

Pre-approved means that you will have a clear picture of the credit you have available to you to purchase your new home; as well as your price range. This will prevent you from spending time looking at homes that may be out of your budget. It means that if you find the home that is right for you, it can more easily become yours! 

Close Quickly 

Getting pre-approval for your mortgage means that you can act more quickly; once you find the home that is right for you. The process of getting the mortgage approved is generally the longest and most complicated process in any home purchase. It requires verification of your income and employment, an evaluation of your credit reports, and the completion of a loan application. Having this step completed can save time in the closing process. Pre-approval also means that you have an advantage should a bidding war begin. The seller can be confident that you can afford the bid you are making; and that you can move quickly to finalize the sale. 

Overall, there are a number of benefits to getting pre-approval for your mortgage before beginning the search for your new home. Most importantly, it can give you peace of mind in knowing that you are ready and able to make the commitment to homeownership; and that you are not wasting your time in looking at properties that you may not be able to afford. 

Blog author image

Kim Kissinger

Real estate is about service first "this is your journey". Buying or selling a home with Kim, you can expect excellent professional & personable service. ....

Latest Blog Posts

Greater Victoria Pumpkin Patches & Corn Mazes

Looking for some fall weekend adventure? Here are the best Greater Victoria Pumpkin Patches and Corn Mazes for some fall fun with your kids! Let us know if we missed your favourite place in the

Read More

Questions To Ask At An Open House

Attending an open house is a great way to check out what is for sale, and also a chance to interact with the hosting agent. That interaction and attending an open house can get you more information

Read More

Understanding Some Buyer Closing Costs

If you’ve decided to buy a home. It’s important you understand some of the potential closing costs, in addition to the price you’re paying for the property.Most people who are

Read More

First Time Buyer Steps To Take

If you’re thinking of buying your first home? Here’s what you need to know and steps to take when you’re first starting out.STEP 1: FIGURE OUT HOW MUCH YOU CAN AFFORD.Falling in

Read More