Why Should I Get Pre-approved for a Mortgage?

women sitting at computer applying for mortgage

Congratulations! You are in the process of buying a home. Whether you are looking for your first home, downsizing, or in search of a family home, it is important to get pre-approved for a mortgage before beginning your home search!

The pre-approval process is as simple as follows,

  • Find a mortgage broker who you can trust to get you the best rate, we work with some of the top mortgage brokers in Kelowna who we highly recommend. We believe that working with a mortgage broker is far better than with one bank as the mortgage broker will shop around for the best rate for you rather than being stuck with one rate at a bank.

  • Once you sit down with a mortgage broker, they will go through the different mortgage options with you. (fixed versus variable rates, payment options, etc.)

  • Fill out an application with important personal information which will help the banks determine the amount you are approved for

  • Your mortgage broker will then do a credit check

  • Your mortgage broker will let you know approximately how much you can afford

  • Then they will advise you of any documents that you may need once you have found a home that you love!

With the hot housing market, you do not want to miss out on any opportunities when you find the home you love. That is why getting pre-approved for a mortgage is important as you do not have to go through searching for a home to find out that you are not looking in the correct price range.

Still not convinced why you should get pre-approved for a mortgage? Here are three points to try to convince you…

  • You will save a lot of time house-hunting as you know exactly what you can afford and what you will be approved for at the bank.

  • You know ahead of time what your payments will be for your mortgage as your mortgage broker has already gone over this with you.

  • You save money! Isn’t that what we all want? If you get pre-approved for a home and you know exactly what you can afford you can go about the subject removal process with ease. Schedule your home inspection, sign the documents needed, and find yourself a great Kelowna Lawyer to do your conveyancing. You do not want to find yourself spending money on due diligence to find out that you can not get the proper financing for the home you are interested in.

Now you shouldn’t have to ask yourself, why should I get pre-approved for a mortgage? To begin the process, contact the team at Vrecko Real Estate Group. Aside from giving you expert advice on the Kelowna real estate market, we are here to guide you through the process of buying your home. Call us today – 1-778-760-2860!