MORTGAGE PRE-APPROVAL - WHY IS THAT SO IMPORTANT?

By
Real Estate Sales Representative with Better Homes and Gardens Real Estate Signature Service

Get a Mortgage Pre-Approval 

An important ingredient in a successful home search is knowing how much you can afford. You don’t want to fall in love with a property only to find out it’s outside your price range.

That’s why I recommend getting a Mortgage Pre-Approval. This is a document from your bank or other lender stating how much of a mortgage they are willing to give you. There are two advantages to getting this pre-approval:

  • It gives you the peace-of-mind of knowing you can afford homes you view on the market, and won’t have problems arranging financing.
  • You know exactly how much you can afford to spend on your new home.  There is nothing worse than finding a home you love only to discover it is beyond your budget.
  • It’s a sign to sellers that you are a serious, prepared buyer – which gives you the edge when making an offer.
  • Your rate is then locked in for 90-120 days.
  • If rates go up in that time period, your rate will remain the same as when you locked it in.
  • If the rates go down, then your rate will go down too

You can arrange for a Mortgage Pre-Approval with your bank or other lender, or by working with a good mortgage broker. I’m well-connected in the local real estate scene, so if you want me to recommend a reputable broker or lender, please contact me.

How Much Home Can You Afford?

Banks and lenders use specific criteria to determine how much of a mortgage they’re willing to offer you. They look at your income, expenses, credit history and employment status, as well as the down payment you plan to make on a home. It may seem like a scary process, but it is actually straightforward. You can usually get a Mortgage Pre-Approval in a day. You’ll be glad that you did.

By knowing what you can afford, you can confidently shop within that price range. For example, if you qualify for a $250,000 mortgage, and you have another $100,000 available as a down payment, you can look for homes in the $350,000 range.

Have questions about arranging financing? Please submit the form below or call or email me.

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Streetsville Real Estate

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Are you relocating or moving to Streetsville, Mississauga or the Greater Toronto Area and need a real estate agent? 

When you choose me to handle your Streetsville, Mississauga real estate needs, you choose a real estate professional who cares about you and your family, and who listens to your needs. I will work together with you, protecting your interests, to achieve your objectives.

I have been uniting families and homes for more than 29 years.. Experience has GREAT rewards!

Proud recipient of the Platinum award for outstanding serivce with a rating of 100% voted by my clients!!

A great experience starts with a great agent !

Helping You Make The Right Move since 1987. 

Call me at (905) 896-4622 or direct at (416) 717-6331

 www.gloriavalvasori.com              

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Gloria Valvasori, ASA

Outstanding Service Since 1987 416-717-6331
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