The Benefits of Mortgage Preapproval

Think you’re ready to buy a home? Have you worked with a lender to get preapproved for a mortgage yet? If you haven’t, it’s certainly time to do so. Even before you visit our property search page to get the information you want on properties in the perfect neighbourhood, you’ll want to chat with a lender. Wondering why? Take a look at the advantages of preapproval.  

You Know Your Price Range: This is perhaps the biggest benefit of mortgage preapproval. You know exactly what you can spend on a home. You’ll know what your upper limit is, and that means you have a great way to narrow your property search. It would be a shame to find the perfect home, head for a mortgage lender, then realise you can’t actually afford it.

They Know You’re Serious: It’s a buyers’ market these days, and that means lots of competing offers on homes. If you have already obtained preapproval, you have an advantage over other buyers, and it’s possible that motivated sellers will be more likely to accept your bid over those of others because they know you’re a safe bet.

The Closing Process is Faster: As soon as you sign a contract, you can contact your mortgage lender and begin the process. You’ve already submitted much of the information necessary to your lender, so the wheels of lending can move quite a bit faster.

Stop dreaming about buying a new home, and get a preapproval on file. It will mean a far easier time buying a home, and once you know what you can spend, you can find the right property on our site to meet your needs. Learn more now.

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