When you’re looking for a great home, you have to get your financing in order first! Getting pre-approved before you buy Oakville real estate helps you know how much money you have to spend; it also helps us figure out what kind of homes to show you. This way you save both time and money, avoiding any awkward situations later. Even if you’re not sure that you’re going to buy a home, pre-approval will last for many months so you’ll have enough time to find the right home.
What Does Pre-Approval Mean?
Pre-approval simply means that a lender has found you “credit worthy” and you’ll be able to finance a home purchase. You’ll have to fill out some forms and you may have to apply to a few different lenders to make sure you get the right financing. It’s always a smart idea to talk with your lender before you buy a home, since there are so many things that you need to know before you buy one!
How Does Mortgage Pre-Approval Help You Buy a Home?
There are many benefits, but being able to get into your next home faster is one of the more important ones! Pre-approval means that you’ve been pre-approved for mortgage financing. You’ll already have a good idea of how much financing you have available to you, you’ll know what the bank’s terms are and you’ll be able to show your approval letter to different sellers. This along with something called an “Earnest Money Deposit” will help you show a buyer that you’re serious about buying their North or South Oakville real estate. Sellers almost always go with the buyer who they know will work out. Let’s face it, who wants to try and go through all the expense of selling a home two times?
Do You Need to Be Pre-Approved to Buy Real Estate?
You don’t have to do it, but it’s a wise decision. You’ll know how much money you have to spend, and how much you’ll need on your side as a deposit. This will help you avoid time wasted on looking at properties that you don’t have to or that are out of your price range. You will also avoid losing money and feeling a little embarrassed if you try to buy a home that you can’t afford. No one want to get emotionally invested in a property that they can’t have.
Is Getting Pre-Approved Before You Buy Real Estate the Right Choice For You?
Everyone is different and you’re going to need to weigh your options. There is no reason to not go ahead and get approved now instead of later. You’ll be able to get the money you need to buy the house that you want. You’ll be able to avoid lengthy mortgage approval processes after you find the right home, and you’ll be able to move into your new home faster.
For more information, visit http://www.goodalemillerteam.com/