I have a question for you; what is the first and most important step in the home buying process? Think about it. I’ll give you a second… okay. If you said finding your ideal home, that’s close, but no cigar. Before you find that beautiful home of your dreams, you first need to get a pre-approval.
So, you may be asking; what is a pre-approval? And why is getting a pre-approval the best way to start? Well, a pre-approval involves meeting with a lender who takes a look at the big picture of your financial situation and all the numbers and info that go along with it. This data allows them to paint a fairly accurate picture of what you can afford.
You’ll need to present the lender with a few things, such as your or passport, proof of income, pay stubs, and show how long you have been employed. You will need to show you are able to make a down payment and pay for closing costs as well. You will also need to list any assets you own, like a cottage, boat or car, and also list any credit cards, lines of credit or loans you currently owe.
Once they have all these things, the lender crunches numbers, determining exactly what you can afford at most. Knowing the range of what you can afford gives you and your financial lender confidence in your ability to repay the mortgage loan, and saves both your time and your realtor’s time by not putting in effort into viewing properties outside your price range.
Sellers know you're serious about buying when you’re pre-approved; you’re not just casually seeing what’s out there without any solid intent. If you decide to make an offer on a property, your offer is so much stronger with a pre-approval. Your chance of a deal going through is simply so much higher.
We work with some great lenders regularly here, so feel free to reach out and we’ll hook you up with some names we trust. Call me at (519) 331-3746.
--------------------
Selling your Sarnia area Home?
Get a free home price evaluation
Buying a Sarnia area Home?
