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
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.