Sometimes in the excitement of being ready to buy a new home, people go out house hunting even before they have been pre-approved for a mortgage. But this is a mistake for a number of reasons. When you decide that the time is right to buy a new home, the first thing that you should do is contact your mortgage broker and get yourself pre-approved for a mortgage.
Here are some of the top reasons why you should get a mortgage pre-approval through a mortgage broker.
1. A mortgage broker can help you get the best interest rate that you can qualify for.
If you only rely on your own financial institution to give you a quote, you are not assured of the best rate. Your mortgage broker has access to a large pool of lenders and they can compare rates to help ensure that you get the best deal.
2. A mortgage broker better able to help you if you need a specialty mortgage.
Traditional lenders can typically only offer traditional mortgages. But what if you need a specialty mortgage – like one gear toward people with damaged credit, or one specifically tailored for those who are self-employed. Because your mortgage broker has access to so many types of lenders, they can also get you the best specialty mortgage.
3. A mortgage pre-approval lets you know what you can afford.
There are a lot of factors that go into how large a mortgage you can get approved for. What you think you can get approved for and what you actually get approved for may not be the same. Getting pre-approved for a mortgage lets you know exactly how much house you can afford so you don’t waste a lot of time looking at homes that are out of your price range.
4. A mortgage pre-approval gives you an advantage when it’s time to make an offer.
Currently the real estate market is very competitive and those that have been pre-approved for a mortgage have an advantage over those that haven’t. Say for example that a home owner gets two similar offers on their home – one from someone who has been pre-approved and one from someone who hasn’t. Which offer do you think they are going to take? The one that is guaranteed to have the funding or the one that isn’t? Getting pre-approved for a mortgage before you make an offer gives you an advantage over the competition!
If you are ready to buy a home, it is time to call Akal Mortgages so that you can get pre-approved for a mortgage.
When we say YES! We stand by our promise.®™