Stop Wasting Your Time Looking at Toronto Condos Without Being Pre-Approved

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So you are thinking about buying a condo apartment somewhere in Toronto.  Maybe you came to my website because you were searching for a specific building or area, maybe you are a repeat visitor, either way, my question to you is, have you been pre-approved for a mortgage.  The most important step in buying a property is getting pre qualified.  Here are 4 reasons why.

Mortgage Rate qualification

Presently banks and mortgage brokers have to use the 5 year fixed posted rate for your qualification, even if you’re doing a lower variable rate or a discounted fixed rate mortgage you can lock in your qualifications for a period of up to 120 days.

Know Your Costs

Your mortgage professional can give you an idea of how much your monthly expenses will be.

Wasting Your Time and Energy

If you don’t know exactly how much you can afford with your down payment, you could be wasting your time looking at properties that you can’t afford, worse yet, you run the risk of getting emotionally attached to a condo you can’t afford and in turn you will be comparing all other suitable condos to your dream condo making your decision hard. Being pre-approved will help eliminate properties beyond your means before you even see them.

Making Your Offer to Purchase

When it comes time to place an offer, I call the listing agents office to register the offer, shortly after I usually get a call from the agent.  Many times I get asked “is your client pre-approved”.  Sellers want to know if they accept your offer, that the deal will close.  I alway make my offers conditional on finance.  Sellers want to know that you are basically pre-approved the finance is just a rubber stamp.  By having this done, you are giving sellers a reason to consider your offer.

E-mail me if you need a contact for a couple of mortgage brokers, I’ll be happy to help.

Steven

Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage

Contact Steven

Toronto Real Estate Board Market Update: GTA REALTORS® REPORT AUGUST RESALE MARKET FIGURES

Toronto, September 7, 2011 – Greater Toronto REALTORS® reported 7,542 sales through the TorontoMLS® system in August – a 24 per cent increase over 6,083 sales in August 2010. New listings, at 12,509, were up by 20 per cent compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings.

“Home sales in the GTA have stood up well despite a less certain economic outlook,” said Toronto Real Estate Board President Richard Silver. “Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City’s land transfer tax. This tax currently represents a substantial upfront cost for home buyers.”

With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in August – up by more than 10 per cent year-over-year to $451,663.

“We remain on pace for the second best year on record for sales. Approximately 90,000 transactions are expected by the end of December,” said TREB’s Senior Manager of Market Analysis Jason Mercer. “Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this year.”

 

Source: TREB (Toronto Real Estate Board)

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