Purchasing a home can be stressful. One of the most important steps you can take to ensure the process will go as smooth as possible is to get pre-approved before you start shopping for your new home.
One of the biggest benefits of getting pre-approved is that it will give you an accurate measurement of qualification and how expensive of a house you can afford. You need to ensure that you can comfortably afford not only your mortgage payments but also the other costs of owning a home such as property taxes, condo fees (if applicable), utility bills, and home insurance.
If there are issues with your application, it is better to discover them at the pre-approval stage so we can work on fixing those issues prior to your search for a home. If you are not able to qualify at this time, we can assist you in taking the necessary steps to qualify for a mortgage in the future. Getting pre-approved will ensure you are looking at the entire picture so that there are no surprises once you are ready to apply for a new mortgage
Another benefit of getting pre-approved is that interest rates are protected for 90-120 days (depending on the lender) which protects you from potential rate increases during that window. If interest rates have increased during your pre-approval window, we can go back to the lenders that have pre-approved you to make sure you are getting the best rate within your rate hold period.
Best of all, getting pre-approved is free and there is no obligation to use the lender that has pre-approved you. Some lenders will give you a written confirmation or a certificate as proof of your pre-approval. It’s important to note that when you’ve been pre-approved, the only thing that’s being guaranteed is the interest rate. The process vets you as a borrower, but it is not a guarantee that you will get a mortgage, or the amount that you will be loaned but is an important first step in buying your new home.
If you would like to set up an appointment to see how much you qualify and get your own mortgage pre-approval please feel free to contact me using the information below.
SKY Financial Corporation o/a The Mortgage Centre
#101, 5214 47 Avenue. Red Deer, AB T4N 3P7
Tel: (403) 872-0776