If you’re considering buying a new home, one of the first things you should consider doing is getting pre-approved for a mortgage. There are a few reasons why you should get this paperwork done before you start house hunting, and before you put an offer on a home.
Getting pre-approved for a mortgage will give you a healthy and accurate idea of exactly how much you can afford to spend on a home. It will generally give you the upper end of this limit, which gives you a good indication of the price point that you shouldn’t go over. By having this number made known to you, you can shop around for homes strictly within the price range you can afford.
A pre-approval will also cause the seller to look favorably on you. If you find a house you love, and decide to put in an offer, the seller will appreciate the fact that you’ve already been pre-approved, putting you in a better position to have your offer accepted in Greater Toronto’s hot housing market. Once an offer has been accepted by both parties, the process involved in the mortgage will already have had a head start, making the process much quicker and easier.
Steps to Getting a Pre-Approval
One of the first things you should do is make sure your credit score is up to par. Having a good credit rating will not only help you lock in a lower interest rate, it will also help you get approved for a mortgage with good terms. If your credit score is less than par, you should speak with a mortgage medic to help you take steps to improve it.
Your next step is to get in touch with the best mortgage team Toronto who are well versed in the field of getting borrowers approved for a mortgage. Instead of filling out multiple applications – and worsening your credit with many inquiries – you only fill out one form. These experts will know which lender to approach, based specifically on your financial situation. They can shop your mortgage over lenders across Canada – including big banks, finance companies, credit unions, private lenders and others. This will ensure your best chances of getting approved for a mortgage at a decent rate.
If you’re shopping around for a mortgage agent, contact the professionals at Mortgage Medics. Their team of experts has the knowledge, skill and experience necessary to help make the mortgage approval process as smooth as possible for buyers like yourself. Whether you are new to the country, are a first time home buyer, are self employed, or have poor credit, you’ll quickly discover that the pros at Mortgage Medics are simply the best mortgage team in Ontario.
Visit their site today at MortgageMedics.ca to learn more about their services including second mortgages, home equity lines of credit, debt consolidation, equipment leasing, mortgage renewals, cottage mortgages, commercial mortgages and more. Call (905) 847-6611 – a medic is standing by! Book a free, no obligation consultation with one of these home financing experts. It costs nothing to use their service – but they could save you thousands!