mortgage agent Part 5 of 6 Why is getting a pre-approved mortgage so important? Getting a mortgage pre-approval is important for many reasons: 1.It is important to know what purchase price you are qualified for before you go shopping for a home so that you are shopping in the right price range. 2.You need to ensure that you can comfortably afford not only your mortgage payments but all of the other costs of owning a home such as property taxes and utility bills. If you have not owned a home before, these amounts may be a bit surprising. Your mortgage professional will help you take a look at the entire picture. 3.You need to ensure that you will qualify for a mortgage based on the lenders criteria. If there are issues, it is better to discover them at pre-approval stage so that you and your mortgage professional can work on fixing those issues prior to your search for a home. If you are not able to qualify for a mortgage at this time, we can assist you in taking the steps necessary to qualify for a mortgage in the future. Once I am pre-approved for a mortgage, I will have no problem obtaining a mortgage, right? It is important to note that a pre-approval qualifies you as the applicant. Your mortgage professional will have confirmed your income, credit and down-payment at this stage. However, we are not able to pre-approve the property you will be purchasing. This is still subject to lender/insurer approval. Therefore, it is important that you always put a “subject to financing” condition on your offer to purchase. Your real estate agent will assist you in writing the offer to purchase. Also, a pre-approval is only valid if there is no material change in your financial situation. If something has changed since you received your pre-approval (i.e. changed jobs, acquired new debt etc), please contact your mortgage professional so that they can review your file. This information is complements of Tony Piattelli Mortgage Associate with Quantus Mortgage Solutions (403) 604-3458
Posted on: Fri, 21 Jun 2013 02:58:10 +0000
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