Pre Approved For A Mortgage
Searching for a home can be a very emotional process. You might fall in love with a property from the second you walk in the door and will want to do all that you can to make sure that you can buy it. If you get into a situation where you're competing against other buyers for that perfect piece of real estate then you will want to do all that you can to present the best offer. That now usually means coming in pre-approved for a mortgage.
Another reason why it's important to get pre-approved is so that you can really know what you can afford. When you're looking at condos or detached homes downtown you're not going to want to set your sights on a property and then find out later than you can't pay for it. Finding out your budget will help your real estate agent locate the properties that are actually best suited to you and your needs.
There are a lot of things to think about when you're looking into getting a mortgage. You have to look at the current mortgage rates and compare that with the percentage that you're able to put into a down payment and the term of the loan. If you don't have the time to look through all of the options that are available to you in your area than we recommend getting the help of a mortgage broker, such as Kim Gibbons of MortgageSuperHero.com (416-400-8107). While someone like Kim will have relationships with a number of different lending firms, they are not committed to working with just one. This means that they will help you find the best deal for your financial situation to get you into your dream home.
Getting pre-approved is a great way to start off your search for a home of your own. It will help you work with agent and sellers and will also help to show you if this is really the right time to buy. If you find that even when working with the best mortgage company in Canada you're still not approved for enough to get a home that you can see yourself living in then you might want to wait a little longer to buy. Purchasing a home because you want to instead of because it's the right time is one of the biggest mistakes that a first-time home buyer can make. Your mortgage broker can help you decide if this is the right time.