Frequently Asked Questions
HOME FINANCE: Avoid Disappointment
First time buyers and seasoned buyers both benefit from arranging for pre-qualifying.
When pre-qualifying, banking institutions will have the ability to set your rates in for three months, so if rates increase you are you safely locked in at the lower rate.
Knowing the purchase price you qualify for eliminates the disappointment of negotiating an offer and finding out later that you don't qualify for the purchase. Pre-qualifying also makes you a stronger buyer the eyes of a seller or real estate agent.
For Sellers Upgrading Their Home:
There is always a gap between receiving funds from the sale of your existing home and moving into your next home so pre-qualifying for interim financing is always a good idea.
Pre-qualifying is a must and in most cases an appraisal will also be ordered on your personal home including the standard checks.
Begin with your financial institution and then shop around, you can always negotiate on rates!
I can't stress enough how important obtaining your financing is prior to even viewing a home. Not only does it allow you to better negotiate but it also gives you peace of mind as you go through the condition period. Whether buying a second home or purchasing your first, a pre-qualified buyer is always taken more seriously when negotiating a contract. When selling and then re-buying, pre-qualifying for bridge or interim financing will eliminate the worry of a same day closing.
Find out what you qualify for using this handy mortgage calculator