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Tip:How to Win the Mortgage Game When Relocating

The single, smartest move you can make as a home buyer is to put off house hunting until you have a good idea of your purchasing power. If you are pre-approved for a mortgage loan, you can save considerable time house hunting and mortgage shopping.

A pre-approved mortgage loan is an excellent guideline to assist home buyers in knowing how much home they can afford to buy. For the seller, pre-approval is proof that the buyer’s lender is confident a loan commitment will not be an issue if all the financial documentation were in order.

Benefits of Pre-Approval:

Better focus on house hunting.
A mortgage loan pre-approval identifies the upper limit of how much money the buyer can spend. Precious time isn’t wasted looking at homes priced above the buyers financial means.
Peace of mind.
A buyer knows for sure how much home they can afford, and there is little chance that a lender will not honor the mortgage commitment.
Better bargaining power.
Pre-approved buyers tend to be in an advantageous position when negotiating against other buyers who have not been prequalified. Sellers like knowing that a buyer's financing is guaranteed.
Pinpoints best mortgage option.
The pre-approval process helps the buyer identify, ahead of time which type of mortgage product best meets their personal needs.

Before you jump into planning your move, call or e-mail us  about ways we can help you with the mortgage pre-approval process.

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Steven Porter ABR
Salesperson/Accredited Buyer Representative
Direct: 905-875-2582, Office: 905-338-9000
e-Mail: steven@stevenporter.ca

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