Buying a House? Get a Pre-Approval First!

Buying a house, get a pre-approval first! Pre-Approvals are the first step in the process to becoming a home owner.  Most Realtors will ask in the beginning of building a relationship with you whether or not you have been pre-approved.  They ask this because it provides them with the information necessary to begin searching for homes on your behalf. What is a pre-approval? A pre-approval is basically an approval provides you the necessary information for purchasing a house.  As a mortgage broker I will ask a bunch of questions about your income, assets, debts and other liabilities.  The answers to these questions will ultimately lead to providing you with the following information; How much you qualify for How much of a down payment you need Whether or not your credit is good enough to get you approved Not only does a pre-approval help determine how much you can spend on a house but it will also lock in an interest rate.  You can sometimes lock in an interest rate for 90 – 120 days.  The benefit to that is you won’t have to worry about rate fluctuations while you are searching for a house.  If interest rates go up within the rate hold period you won’t have to worry about the higher rate as your rate will already be locked in.   Also, if rates go down then we can ask the lender to lower the rate once you find the house you want to buy. Why get pre-approved with a Mortgage Broker It is important to get pre-approved with a mortgage broker.   I can’t tell you how many times a client has come to me after being pre-approved at the bank only to find out they did not consider some variables which prevented their getting approved once they found a house.  As a mortgage expert with plenty of experience in house purchase financing I make sure to get answers to the questions that will help you to get in to your house.  With my experience in this type of financing I know what my lenders are looking for so when I issue a pre-approval it is done in such a way that you can be comfortable in your search for a new house. What if you cannot be approved? If for some reason you cannot get approved for a mortgage today, don’t worry, I will work with you to find out what is wrong.  I can help you by finding ways to improve your credit rating and I can help you find ways to help save for a down payment.  It might be something as simple as a mistake on your credit bureau which I can sometimes help to resolve also.  If you cannot be approved today I want to work with you so that sometime in the future you will have the ability to purchase a house. Get Pre-Approved Today… Follow the link to an application form to get you stated.  http://www.mycalgarymortgage.ca/apply-now Check out my online house purchasing guide for more great information. http://mycalgarymortgage.ca/homepurchaseguide.htm