We strongly recommend getting pre approved for a mortgage before you start looking. Pre approval means that a lender has looked at your credit profile, your income and assets and determined what they are comfortable lending you. It also helps you understand what you can and can not afford. Often times people are pre approved for a much higher amount then they want to spend per month. Having an honest conversation with  you Mortgage Broker will help you identify what you want to spend and what you can afford to spend.

Here are some reasons why you should get approved for a mortgage:

• To eliminate disappointment- A pre approval will allow you to know exactly how much home you can afford so you can streamline your home search.
• To help you understand the costs to buying a home. You’ll have a better understanding how much money you will need to close on your dream home. We will go over the entire process to eliminate any surprises when you’re in a live offer situation.
• Improve your chances in a competitive offer situation- a pre approval can be a huge advantage to the buyer when in a multiple offer situation as it shows the seller that you should have no problems with financing. It also allows for a quicker close.
• We can guarantee a rate for 120 days to protect you if rates increase while you are hunting for that perfect property.

One thing a Pre Approval isn’t is a guarantee. Many things can still come up after the pre approval that would lead to a decline, such as property that is not in good and marketable condition. Working with a experienced Mortgage Broker will help you to identify and mitigate these possible issues before hand, so you don’t get your heart broken.