Expert Advice
Three
reasons to start with pre-approval
It’s
no secret the real-estate market in Alberta is sizzling.
Homes are selling in a matter of days – sometimes
hours. Smart buyers go in to home shopping mode prepared
and we believe the best place to start is with mortgage
pre-approval. We’d like to share the top three reasons
to start your new home ownership dream today with a pre-approval:
1. You’ll
know what you can afford, before you look at properties
When you’re pre-approved for a mortgage, it means
lenders have looked closely at your credit and income and
determined you qualify for a loan, up to a maximum amount.
Lenders will also have specified which loan programs or
products you qualify for and the interest rates they will
offer. Based on the maximum loan amount and the interest
rates the lenders provide, we can approximate your monthly
payments for you.
2. You’ll
be able to lock in before rates go up
With a pre-approval, we’ll be able to guarantee an
interest rate for up to 180 days. If interest rates go,
up you still get the lower rate. Also if the rate goes
down in the period before you take possession, we will
automatically lock in the lower rate for you.
3. You’ll
be able to make an offer confidently and close quickly
Having a pre-approval, puts you in a stronger negotiating
position when you find a property you want to purchase.
Sellers are more likely to accept offers that have fewer
conditions and your bid will be more attractive if the
seller knows your loan is already approved. Once you offer
is accepted, there will be no scramble to secure a mortgage.
