Getting pre-approved for a mortgage can be one of the most important preparatory steps you can take before beginning your property search for several reasons!
A pre-approval will essentially tell you the price range of how much you have been approved for by your bank or lender which allows you to focus your search on properties that you can actually afford.
Often people skip this step & start searching for properties right away and end up disappointed when the bank/lender doesn’t approve them for that home they fell in love with!
Save yourself the heartbreak & head to your bank or a mortgage broker!
While both banks & mortgage brokers are able to arrange this pre-approval for you, a mortgage broker can typically find the best mortgage for your situation at no cost to you! (lender pays the broker’s fee)
Make sure that you get your pre-approval in writing & that they have performed a full credit check on you or you may come to find out that they didn’t really pre-approve you at all
While having this pre-approval is very important as a buyer, it also is a strong indicator to any seller that you are serious about this purchase & the bank has backed you in that decision.
If you have any questions or comments about how to get a pre-approval or anything else mortgage-related, be sure to comment below & we’ll be sure to get back to you :)
Rylie C aka The OneWheel Realtor