MAKING SURE YOU ARE FINANCIALLY SET
The next step is essential in ensuring that you are qualified to go out and search for your dream home!
GETTING PRE-APPROVED FOR A MORTGAGE
The benefits of obtaining a pre-approval from a mortgage broker include:
- Knowing exactly how much you can borrow, so you don't waste time looking at properties you can't afford.
- Not having to worry about rising interest rates while shopping for a home, since your lender will usually guarantee the current interest rate for sixty to ninety days. Having an edge when you make an offer, since the seller knows you are more likely to get a loan.
- Saving time when you apply for your loan because you've already assembled your paperwork. Not only does this make the transaction smoother in the final analysis, it also saves you the guesswork by telling you exactly what you can afford.
- Sellers will be more receptive to potential buyers who have been pre-approved.
The Process
To obtain a pre approval your lender will review all your financial information and will determine the maximum amount of money you can borrow.
A professional Mortgage Broker is the best way to start this process. Mortgage Brokers work with all lenders and can analyze your current financial situation. They will discuss with you the best options currently available from ALL lenders and choose the best one that suits your needs.
My recommended Guelph Mortgage Brokers are:
- OMAC Mortgages - Stefanie Knight / 519.821.3300 / omacguelph@bellnet.ca
- Champion Mortgage Inc - Doug Adlam / 519.265.5924
Once you have been approved, you can start looking for Your Dream Home.
I highly recommended that you contact professionals who will provide you with exact costs and more information on the Associated Costs in Step 4: Professional Contacts in Guelph