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Should First Time Homebuyers Get Pre-Approved Before House Hunting?
Dated: December 19 2022
Buying your first home is an exciting life milestone. When the time comes to begin exploring the market, there are a few things you can do in advance to maximize your chances of success - like getting pre-approved for a mortgage.
Provided by a mortgage specialist or your bank, a pre-approval is a contract that provides you with conditional approval for lending a determined amount of money. Once you’ve found a home that you wish to buy, having a pre-approval will allow you to get set up with a mortgage relatively quickly.
Preparing for your first-ever home purchase? As a leading real estate team with decades of experience, we can help you find a fantastic first home while ensuring the process is stress-free. Give us a call at 416-322-8000 or click here to send us an email.
One of the foremost advantages of getting pre-approved for a mortgage before you begin house hunting is understanding what you can afford. When you get pre-approved the lender will establish a maximum borrowing amount. Not only can this step prevent you from overspending on a home, but it can also prevent you from shopping for homes beyond your price range, only to be disappointed down the line. In the same vein, obtaining pre-approval can make the process of finding your future home more efficient, as you’re able to refine your search based on your budget,
Unsure if you can afford a home in today’s market? With the right planning and expert support, you can stretch your budget further. Check out these helpful posts from our blog to learn more.
Outside of the property itself, one of the largest costs that come with buying a home is the interest accumulated on your mortgage. The Interest rate applied to your mortgage will have a substantial impact on the size of your monthly payments and can impact your overall financial health.
When you find a perfect home, there’s a good chance that other buyers will be interested in it too. Therefore you’ll want to give yourself an advantage in ensuring your offer stands out from your competition on the market. Getting pre-approved is a great way to do just that.
Are you a first-time homebuyer in Ontario? Check out these helpful posts from our blog before you head to the market.
As a first-time buyer, getting pre-approved for a mortgage can help you shop with confidence, establish your budget, and make your offers more appealing to sellers. That said, finding the right type of mortgage for you and working with a reputable local lender is equally as important as getting pre-approved.
Don’t know where to begin with finding the right mortgage for you? Ask your real estate agent. They’ll have a vast network of industry professionals to support your needs - including lenders and can point you in the right direction.
If you’re looking to be connected to a local mortgage specialist or wish to know more about the process of getting pre-approved, reach out to our team today! Call 416-322-8000 or click here to send us an email.
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Buying your first home is an exciting life milestone. When the time comes to begin exploring the market, there are a few things you can do in advance to maximize your chances of success - like
Come along with us for our #AgentInsider, as we explore hidden gems, the best dining options, our favourite shops, and more across southern Ontario! This month, we’re featuring the Leaside