Look for a Home with Confidence
Searching for a home can be an exciting, yet overwhelming experience. However, if you take this important first step before you start your search process, you can avoid complications and search with confidence.
Nicole Daoust, Senior Mortgage Specialist with Royal Bank says getting Pre-approved for a mortgage as the first step can be a great advantage!
Nicole advises that getting pre-approved simply means that you’ve reviewed your financial situation with a lender and you know what you can afford to spend on a home in terms of purchase price, down payment, legal fees and other closing expenses. It also means you know how much you can borrow based on your current financial situation, subject to a formal credit approval and satisfactory property appraisal.
There is no cost or obligation to have your mortgage pre-approved, and you’ll know in advance what your mortgage payments will be. With your interest rate guaranteed for 120 days, you’re protected if interest rates increase while you’re house hunting.
Having a pre-approved mortgage will allow you to focus your search on homes within your price range. You can avoid the disappointment of becoming attached to your dream home, only to find out that you don’t qualify for the mortgage you will need to purchase it. A pre-approved mortgage is a great first step, and The Mark Faris Team can lead you in the right direction in order to get this done.