Are You Looking to Buy Your First Home?
Are You Thinking About Making a Move?
No matter your goals, there are several steps you can take in advance to streamline the mortgage process and make it more manageable!
Getting Pre-Qualified
The purpose of mortgage pre-qualification is to help you understand what you can afford when shopping for a new home. Pre-qualification involves assessing your financial status, which allows you to establish a budget and determine your potential monthly payments.
By downloading my app, you can get pre-qualified in under 60 seconds! This tool will also provide you with an estimate of your monthly mortgage payments and help you compare various payment schedules.
Getting Pre-Approved
While pre-qualification gives you a general idea of your affordability, pre-approval is a step further. Pre-approval means that a lender has officially stated (in writing) that you qualify for a mortgage and specified the amount based on your submitted income and credit history documentation.
A pre-approval typically includes details such as term, interest rate, and mortgage amount, and is valid for a brief period, assuming all conditions are met.
Benefits of Pre-Approval
Confirms Your Budget: It confirms the maximum amount you can afford.
Locks in Interest Rates: It can secure an interest rate for 90-120 days while you shop for your new home.
Strengthens Your Offer: It assures sellers that securing financing won't be an issue, which is crucial in competitive markets with multiple offers.
Important Considerations Post-Pre-Approval
Once you obtain pre-approval, it's crucial to maintain your financial and employment status until the mortgage application and sale are complete. Avoid making changes such as quitting or changing jobs, buying a new car, transferring large sums of money between bank accounts, leaving bills unpaid, or opening new credit cards. Any changes could jeopardize your pre-approval status.
By taking these steps, you'll be better prepared and positioned for a smooth and successful home-buying experience.
Let us help you find your dream home or guide you through a successful real estate transaction. Your satisfaction is our priority!
Contact us today for more details or to explore your options, discuss your needs, and benefit from our expertise.
Phone: 604-530-0231
Email:
jen@jenniferclancey.com / colleen@colleenfisher.ca