Pre-Approval - Do I Need It?
June 12, 2019 | Posted by: Holly Cochrane
Finding the perfect home may seem like your number 1 priority but getting pre-approval before you begin searching for your new home is actually more important. “You should understand your financial reach before you fall in love with a property,” advises Holly Cochrane from the Holly Cochrane Mortgage Team. “Getting pre-approval gives you a clear picture about your financial status and helps you to manage your investment in a much better way.”
UNDERSTAND YOUR FINANICAL POSITION
By applying for a pre-approved mortgage, you will know the price range you should focus on when you start looking for your dream home. This will save you from disappointment should your initial search criteria be outside your approved budget.
Holly advises “Pre-approval also helps you plan your budget wisely through the home buying process. You can calculate your downpayment and know what to expect with monthly repayments.”
MAKING BUYING EASY
Buying a home can sometimes be stressful but having pre-approval will make sure that your REALTOR® knows exactly the kind of properties you are looking for. This can help to speed up the process of finding your dream home. Understanding your budget will put you in a better position to negotiate the price of your purchase. You can also gain an edge over other home buyers as some sellers prefer to go with buyers whose mortgage is pre-qualified.
LOCKING IN YOUR RATE
The biggest benefit of pre-approval is the ability to lock-in your mortgage rate. “Our team can help you with getting the best rate for your mortgage and locking it in for up to 120 days,” says Holly. This will protect you from increases in interest rate.
Working with the Holly Cochrane Mortgage Team, they will prepare an application to your lender and check your credit score. This will then be followed by your pre-approval and the rate hold. Contact our team on 780-485-7908 to start your pre-approval process and then you can house hunt with knowledge and confidence.