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