So you've found the home of your dreams and now you strut happily
to your mortgage professional to get financing so you can move ahead with
putting in an offer. Except, once you sit down with your mortgage broker and
crunch the numbers, you are hit with the news that you don’t qualify for
approval on that particular home. This level of disappointment is completely
avoidable. Getting pre-approved for a mortgage should be one of the first steps
in the home buying process, and will help you and your Realtor have a more
focused strategy when it comes to finding the home of your dreams.
To learn
about other considerations, check out this list of 8 important factors to keep in mind during the home buying process.
If the idea of getting pre-approved is
enough to deter you from even starting the home buying process, then you may
want to check out this video. You’ll see that getting pre-approved for a
mortgage is not as scary as you think when
you work with the right professionals.
Buying a home is a lot of fun, but seeing homes you can’t afford
is not-so-fun. This is why it’s a good idea to get pre-approved for a mortgage before you head out to look at
homes. Getting a pre-approval helps you determine a price range, and avoid the
possibility of seeing all the homes that you can’t afford. Besides, the price
you think you can afford is often
different that the number you can actually
afford.
There are a number of benefits to getting pre-approved before
you check out homes, but here are the top three:
Saves Time
You’ll only look at the houses that are in your price range, which
will let you focus your efforts and find a homes that is best for you.
Gives You Confidence
Negotiations can be tough, but knowing what you can afford will
give you the confidence you need when you get down to the details of the deal.
You won’t be second-guessing if you can actually be approved for that amount.
Stress-Free Closing Process
If you’re already pre-approved for the amount, the closing process
will be quicker and easier. There’s also less of a chance that the deal won’t
go through if you've already been pre-approved.
If you are looking to buy a home in London, Ontario or the surrounding
areas, I can help steer you in the right direction of getting pre-approved for
a mortgage. From there, we’ll narrow down the scope and compile a list of homes
that fit within your range. The last thing you want to feel during the exciting
home-hunting experience is the disappointment of falling in love with a home
that you cannot realistically afford. There are plenty of affordable homes for
sale in London, Ontario to fit within any budget. It’s one of the most affordable
cities in Ontario (and possibly Canada, too!), and boasts everything from arts
and entertainment to education and market-leading sectors. Click here to learn
more about London, Ontario and all it has to offer or get in touch with me
today. I know the top mortgage professionals in London, Ontario and have been helping
individuals and families buy and sell real estate for over 10 years.
