Pre-Approved Mortgages & Mortgage Loans in Calgary, AB: What to Know Before You Buy

Pre-Approved Mortgages & Mortgage Loans in Calgary, AB: What to Know Before You Buy

The route to getting an approved mortgage isn’t really that difficult, yet many people decide to either bypass this very important step or they aren’t even aware of it. But having a pre-approved mortgage in hand when you are searching for a home to buy is a necessary item if you want a seller to choose you as their buyer.

Why go through the process of obtaining an approved mortgage? Calgary brokers at know how important this step in the home search can be. Just put yourself in the seller’s place for a moment: you want to sell your home, but you need to be sure that the buyer can close the deal and not waste your time or money keeping the house on the market any longer than you have to. You, as the seller, are looking for a buyer who has an approved loan and whatever down payment is required.

Aside from looking like a solid buyer in the seller’s mind, there are other reasons to be pre-approved for a mortgage. Calgary broker professionals at iMortgage Solutions know the peace of mind that a pre-approved loan can bring to a buyer. When you are pre-approved for a mortgage, you will know exactly how much (within a certain price range) a lender is willing to finance for you. This helps you tremendously, as you now know what the price limits of your home search will be.

Perhaps you think you can afford a home worth $800,000, yet a lender will only approve you for a $300,000 loan. Well, at least you’ll know where you stand and you will not bother looking at expensive homes that are out of your price range (unless, of course, you have a huge down payment to make up the difference!).

You should definitely take advantage of getting a loan pre-approval before you even look at homes to buy. You will know what your budget is, and that is very important. If you won’t be able to afford the monthly payments in the long run, you may as well know it now. And when you apply for a loan approval, you will discover how much in monthly payments you can afford.

You can approach a seller with some authority that will have him dismissing other potential buyers without a pre-approved loan to back them up.

You will save yourself extra stress and time by going through the pre-approval process before you actually must apply for a loan. You may even get a hold on an attractive interest rate for a few months’ time by getting pre-approved.

Buying a home is right up there with one of the most stressful things we encounter in life. Ease up on the stress by getting a mortgage pre-approved from by calling them today at 403-870-2669. You’ll be very happy that you did!

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