When looking to purchase real estate, you can get approved for a mortgage in Whitby before you even begin looking at properties. A pre-approved mortgage is a tentative deal between you and a lender. It outlines their estimates of how much they will lend you and at what interest rates based on your credit rating. The deal does not guarantee that you will receive a mortgage, as the lender will have certain criteria that the property you buy must meet. Through the mortgage application process they will verify that these criteria are met.
There are many benefits to being pre-approved for a mortgage!
You will know how much money you can afford to spend on a property. Knowing this allows you to narrow your search when looking at properties and not waste time on properties out of your price range. You will also be able to confidently make an offer when you find the perfect home!
You will know what your monthly payments on a property will be. With this information you will be able to plan a budget before you’ve committed to buying a property.
You will look more serious to the seller. Getting pre-approved for a mortgage shows that you are pro-active and that you are truly interested in buying a property. This will give you an advantage over other potential buyers who did not get pre-approved for a mortgage.
You will look more serious to your real-estate agent. Getting pre-approved for a mortgage shows your realtor that you are serious about buying a property and they will work harder to help you find your perfect home.
You will lock in an interest rate, protecting you if interest rates rise. The interest rate guarantees generally last anywhere from 30-120 days, depending on the financial institution. If interest rates go down, in most cases the financial institutions will offer you the lower rate!
You can put down a deposit on a property without fearing that you will lose it. Without pre-approval you may put down a deposit, only to not be approved for a mortgage! Getting a pre-approval gives you peace of mind at this time.
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