Buying your first home
Congratulations! You have saved enough money for the down payment for your first ever home! What next? Is that all you need? Can you now start hunting for a new house?
Not quite... We would strongly advise that you get your mortgage pre-approved with your bank before you start hunting for your new house. With the new mortgage rules in place, the bank approvals have become tougher than ever before.
There are many benefits to getting a mortgage pre- approval. A mortgage pre-approval helps you determine the maximum amount of money that you may be able to borrow from the bank for your dream home. Also, you will be able to determine your monthly payments that you will need to make to the bank. A mortgage pre-approval also gives you a competitive edge when you are negotiating with the sellers.
Sometimes, home buyers check online calculators and assume they will be able to secure mortgage for a certain amount. But they get a surprise when they have already chosen the house of their dreams and realize that the bank is not ready to approve their mortgage for the amount requested.
To save you the heartache, we suggest you go to several banks and get a Mortgage Pre- Approval. This way, you will be sure of the amount you will be able to secure from the bank and will choose your home accordingly.
For more information, you can call, 647-340-9216