Most people buying a home need a mortgage. Too often, in the past, arranging a mortgage was left to the very end, sometimes even after a house was bought, forcing borrowers to scramble for financing. How things have changed.
Today it's important to shop for a mortgage before you purchase a home, since most lenders will "pre-approve" buyers for a mortgage. Some lenders will even do it over the phone. It's a no cost, no obligation deal that lets you know before you go house hunting or sign a an offer to purchase, how much you can afford to buy based on how much you can afford to borrow.
When getting pre-approved for a mortgage, see how long the rate commitment is good for; it differs from lender to lender. With a pre-approved mortgage, you can confidently negotiate the purchase of a home, knowing that mortgage financing is arranged, subject to final property appraisal. Make sure you get the pre-approval in writing.
Here are some of the benefits of a pre-approved mortgage.
- Locked in interest rate
- Better negotiating position
- Knowing what you can afford.
- Taking advantage of the many possibilities of mortgage financing
- Having the time to shop around and secure the best financing package for YOU.
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