{"id":622,"date":"2023-04-29T04:32:15","date_gmt":"2023-04-29T04:32:15","guid":{"rendered":"https:\/\/budgetrates.ca\/?p=622"},"modified":"2023-04-29T04:32:15","modified_gmt":"2023-04-29T04:32:15","slug":"before-you-buy-why-get-pre-approved","status":"publish","type":"post","link":"https:\/\/budgetrates.ca\/fr\/before-you-buy-why-get-pre-approved\/","title":{"rendered":"Before You Buy Why Get Pre-approved?"},"content":{"rendered":"
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OK. You\u2019ve made the decision. You\u2019re ready to buy a house. Great! You\u2019ve got that dream home pictured in your head. Now all you have to do is find a Realtor, make your offer and move in. Right? Wrong!!!<\/p>\n

Your first step should be to find a trustworthy mortgage professional. But that\u2019s not the fun part, you may say. Why start with a mortgage professional? In a nutshell, this can save money, time and increase your bargaining power.<\/p>\n

Your mortgage broker is going to be able to tell you first if you can qualify to purchase a home at all. Second, if you are in the running for purchasing, he or she can tell you how much home you can qualify for.<\/p>\n\t<\/div>\n<\/div>\n\n\n\n

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Think about it. <\/h5><\/div>\n
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Do you and your Realtor want to run around for a month or two worth of weekends, finally find your dream home, just to find out that you cannot afford it??!!<\/p>\n

That\u2019s a lot of time, and time is money (or at least a lot of wasted weekends).
\nWouldn\u2019t it be better up front to know what you can and cannot buy, zero in on that, and achieve that wonderful feeling of success?\u00a0 Of course!<\/p>\n

Well, you may have already thought of all that.\u00a0 However, did you realize that the seller of your dream home may give you preferential treatment if you\u2019re pre-approved?\u00a0 The seller has a life too and timelines like the rest of us.\u00a0 They want deals that are going to work.\u00a0 They don\u2019t want their home under contract, just to have the deal fall through because the buyer cannot qualify!!<\/p>\n

So, let\u2019s say you make a bid on a house and another party makes a bid at the same time for the same amount.\u00a0 The other bidder is pre-approved, you aren\u2019t.<\/p>\n

Which bid should they accept?\u00a0 Obvious.
\nAnother scenario, let\u2019s say you (not pre-approved) make a bid and another bidder bids slighter lower but is pre-approved.\u00a0 Which bid would you accept?<\/p>\n\t<\/div>\n<\/div>\n\n\n\n\n\t\t<\/div> \n\t<\/div>\n\t<\/div> \n<\/div><\/div>

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And one last matter to cover, there are different levels of pre-approvals:
\n– The lowest level might be called pre-qualification and this involves the mortgage professional taking your information (income, expenses, etc.), putting it all together and letting you know how much home you can qualify for based on the numbers you provide.
\n– Another level of pre-approval is for the mortgage professional to run the loan through automated underwriting (getting more technical, here) to get an approval provided that all your info can be verified.
\n– The highest level would be running the loan through a lender and actually doing all the verifications. Obviously, the higher level of pre-approval gives you more to stand on and carries the most weight when bidding on a home.
\nIn any case, your mortgage professional should provide you with a letter stating on what level you are pre-approved.<\/p>\n

Hopefully by now the picture is clear; make sure all odds are in your favor!!
\nContact us BEFORE starting your house search!<\/p>\n\t<\/div>\n<\/div>\n\n\n\n\n\t\t<\/div> \n\t<\/div>\n\t<\/div> \n<\/div><\/div>\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\n\t\t

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Call us at:<\/h6>\n

(450) 500-PRET<\/a>
\n(450) 500-7738<\/a><\/p>\n\t<\/div>\n<\/div>\n\n\n\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n\n\t

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Toll-free<\/h6>\n

(844) 8-BUDGET<\/a>
\n(844) 828-3438<\/a><\/p>\n\t<\/div>\n<\/div>\n\n\n\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n\n\t

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Email us at:<\/h6>\n

info@budgetrates.ca<\/a><\/p>\n\t<\/div>\n<\/div>\n\n\n\nBook a 1:1 call with us here<\/span><\/i><\/a>\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>","protected":false},"excerpt":{"rendered":"

Find your home, find your realtor, write the contract, now you’re finished. Right? Wrong!
\nPre-approval – Why it’s so important.<\/p>","protected":false},"author":3,"featured_media":602,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false},"categories":[14],"tags":[26,28,20,22,25,23,21,24,19,27],"_links":{"self":[{"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/posts\/622"}],"collection":[{"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/comments?post=622"}],"version-history":[{"count":1,"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/posts\/622\/revisions"}],"predecessor-version":[{"id":623,"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/posts\/622\/revisions\/623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/media\/602"}],"wp:attachment":[{"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/media?parent=622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/categories?post=622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/budgetrates.ca\/fr\/wp-json\/wp\/v2\/tags?post=622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}