Should you get Pre-Approved for your Mortgage? This is an important question but more important is understanding the pre-approval process and why it is important.
Pre-approval may not be necessary for some, but can be very beneficial. Here are some of the reasons it is a good idea.
- Helps you determine how much house you can afford
- Shows your real estate agent and sellers you are serious about buying and many real estate agents require you are pre-approved before they start the search for your home.
- They’re free and there’s no obligation
- If you get best mortgage rate, the rate is guaranteed for the specified period of time. Typically 60 – 90 days, depending on the lender and the mortgage rate.
- Takes the worry out of home hunting and you can rest knowing your are already approved.*
*Please be aware that pre-approval does not guarantee 100% that you get the mortgage loan, changes in your circumstances like changing jobs, large purchases, applying for other credit etc., during the process could hurt your chances at becoming pre-approved. Our expert advice can save you time and money on the home buying process so contact the mortgage brokers at Home Loans Alberta and find out more information on pre-approval.