Mortgage pre-approval before house hunting will help equip you for the process of shopping for real estate ahead. Pre-approval provides an accurate understanding of your budget, saves time in closing a purchase, and helps narrow down your search to homes that work for you and your finances.

Establish A Budget Range For Buying A House

With pre-approval, you know what you can afford with certainty based on your current financial profile. This prevents the unfortunate situation of wasting time looking at a house you can’t secure financing for. You already know what your budget is with pre-approval and you can move on it.

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Strengthens Your Offer To Buy In A Competitive Market

If you’re buying a house in Etobicoke or Toronto, this is a competitive market. Many prospective buyers are coming to the table with mortgage pre-approval which indicates they are ready to move quickly and efficiently.

Don’t fall behind. Give off the same signals to sellers – that is that you are a serious buyer.

Have more questions about buying a home? Check out these blog posts for important guidance.

Speed Up The Buying Process When You Lock In A Home

After you have agreed to purchase and the seller has agreed to make you the buyer, what’s left can be a lengthy process to close the deal. Speed up the buying process with pre-approval cutting down delays in financing.

Pre-approval also helps to avoid any surprises in the act of securing financing because you’ve already gone through the process.

Identify Potential Credit Issues Early And Resolve Them

As you go through the process for pre-approval, you can identify credit issues early on and have the time to resolve them. This improves the chances of qualifying for better mortgage rates now and in the future.

Set Expectations For Your Real Estate Agent

A real estate agent in Etobicoke who knows your budget can help narrow the search to suitable properties only. Save yourself time from having to filter out homes that do not match your home-buying criteria.

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Increase Negotiation Confidence For First-Time Buyers

Put yourself in a stronger position during negotiations with mortgage pre-approval locked in. Give yourself the confidence to know exactly what you’re able to bring forward as an offer. A seller is more likely to consider your offer to be serious and this can lead to better terms or concessions from the seller.

Lock In The Details Of Your Mortgage Sooner

While pre-approval still requires you to be ‘approved’ for your mortgage, it does allow you to make a number of decisions that can be hard to make. This includes what interest rate you want, variable rate or fixed term, length of the term, and other key considerations with mortgage products.

Walk Into A Real Estate Buying Situation Fully Prepared

Pre-approval is not a trivial preliminary step. It’s essential to compete as a home buyer in a competitive market. Secure pre-approval and gain a clear understanding of what you’re capable of offering.

Are you looking to buy a home in South Etobicoke? We can help you navigate a competitive market and find your dream home. Send us an email at  info@adrianandrea.com or call (416) 319-6893 to get in touch.