Why You Should be Pre-Qualified or Pre-Approved for a Mortgage
It is easy! Obtaining a letter of mortgage pre-approval from a bank can be done over the phone and may play a vital part in the successful house buying process. (In the case of people who are able to pay cash, all that is needed at the time of the purchase offer is proof of funds to close.)
There is no charge for this letter, neither is there any obligation for you to take a mortgage from the bank that issues the pre-approval letter. The pre-approval letter is important because:
- A letter of pre-approval helps you to determine exactly what your spending power is, taking into account the local property taxes.
- It strengthens your offer, as it indicates to the seller that financing is available to you. This is especially important in a busy market where competing offers may come in on any given property.
- Pre-approval will clear any doubt you may have about your spending power and save you time and disappointment during the house-hunting process.
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We usually try to show clients homes that range from a little below to a little over the indicated price range. The reason for this is to give you a better understanding of value for money in our real estate market.
Please let us know if you would like us to arrange for a banker to call you. Alternatively, we can give you the names and numbers of bankers we know will help you pre-qualify.
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