If you’re looking to buy during the spring market, you’ll need to start thinking about how you plan to pay for your new home. The vast majority of buyers need to take out a mortgage in order to pay for their new investment. One of the most important steps that you can take when purchasing a new home, is to get a mortgage pre-approval. In this article, your favourite Edmonton real estate agent will be going over what a mortgage pre-approval is and why you should get one. Follow along below to learn more!
The What & The Why
What’s a mortgage pre-approval? A mortgage pre-approval is a service that allows buyers to get key information about their financial situation while they search for a home. When you get a mortgage pre-approval, you get to see what the maximum amount of money you can spend on a home is. As well as, the monthly payment associated with your max purchase price and your mortgage rate for the first term. This step should ideally be done before you start shopping for homes. And, it can even be done prior to consulting with an Edmonton real estate agent.
Why get pre-approved? Buyers should consider getting pre-approved because it helps limit the stress of searching for a home. Instead of worrying about what you can and can’t afford, you know ahead of time what your price range looks like. It can also clarify how much you will need to spend on costs besides your mortgage payment. For instance, insurance, utilities and taxes. In addition to this, a mortgage pre-approval lets sellers know that you are a serious buyer. This way you are treated as a qualified buyer.
Contact an Edmonton Real Estate Agent Today!
Consult with an approved lender today about getting a mortgage pre-approval. If you have any other questions about mortgages and the buying process, contact me today. As your Edmonton real estate agent, I’d be happy to help you find the perfect home at a great price. For more information about real estate in this area, check out my brokerage’s website. Be sure to come back next month for more real estate blog content. I look forward to working with you in the near future!
