Why You Should Get Pre-Approved for a Mortgage

Congratulations on making the decision to become a homeowner. The next step you should take in the home buying process is to get pre-approved for a mortgage. As your local North York mortgage broker, the Topcu Team at CLN Mortgages have created a list of the top 5 reasons why you should get pre-approved.

  1. Financially capable

Get pre-approved for a mortgage shows you are financially capable of taking on the responsibility of homeownership. It not only shows that you can financially afford to make monthly payments towards your North York mortgage, but it also shows you are serious about buying a home.

  1. More Credibility

You will receive more credibility for being pre-approved over someone who is not. If you are in a bidding war with another family, the seller will be more inclined to pick you over them because you have been pre-approved for a mortgage. In addition, having this credibility means you can also negotiate for a better deal.

  1. Know your affordability

Your local mortgage broker will be able to tell you exactly how much they can lend you once you are pre-approved. This will let you know your affordability and can save you time when shopping the market. Knowing how much you can afford lets you know what price range you can shop in when looking at houses. This can save you time by avoiding looking at houses that are not in your budget.

  1. Close quicker

If you cannot wait to move into your new home, then getting pre-approved can help you close quicker on a house. All your financial documents including your income and credit score will already be collected and organized, which will help speed up the loan process.

  1. More market access

Most real estate agents will refuse to work with you if you have not been pre-approved for a mortgage. This means pre-approval can help give you more access to the market by allowing you to work with an agent and view a wider selection of homes.

If you are looking for a North York mortgage, then getting pre-approved can let you know if you are financially prepared for this responsibility, can give you more credibility, will let you know what you can afford, can help speed up the process, and give you more access to a wider selection of homes. So don’t wait, call our office at 416-857-6030 to get started on your pre-approval application today.