416-925-9191 Tiffany Sly, Sales Representative, Chestnut Park Real Estate Limited, Brokerage

"It was clear that she was looking out for us and was focused on finding us a home that fit our wants and needs."

Regan & Nicole

You want to buy a house this Spring? Why getting pre-approved for a mortgage NOW is the best plan.

You want to buy a house this Spring? Why getting pre-approved for a mortgage NOW is the best plan.

Spring is the busiest season in the Toronto real estate market. Be prepared! Before you start attending open houses and planning how you’ll arrange the furniture in your new living room, you should take the first step in the home-buying process: getting pre-approved for a mortgage.

Why bother to get pre-approved? Shouldn’t you find the house you want to buy first? Mortgage pre-approval has a number of benefits in this competitive Toronto marketplace.

1) You’ll know where you stand – The pre-approval process may uncover errors on your credit report that you hadn’t noticed before, errors that may be hindering your ability to qualify for credit. In addition, mortgage pre-approval will show you exactly how much house you can afford, so that you don’t fall in love with a home and then find yourself unable to get a mortgage.

Once you’re satisfied with the mortgage amount your lender prequalifies you for, your next step is to start looking at houses. Your Realtor will use your pre-approval to identify houses that you can afford and as a negotiating tool with sellers and listing agents.

2) You’ll have negotiating power – Some buyers may make their offer conditional on them arranging financing. When you receive your pre-approval from your lender, you won’t need to include any condition of this nature as the lender has already pre-qualified you! This means you’ll look more attractive to any seller as your offer won’t be conditional, therefore your offer will have a better chance of being accepted. Remember: the cleaner the offer, the better the offer !

3) You’ll save time – Once your offer is accepted, if you are already pre-approved for a mortgage you won’t have to spend the time getting pre-qualified by a lender. You’ll be able to celebrate and start planning for your move!

Choosing the RIGHT Mortgage Professional

Your Mortgage Professional will be your ally throughout the process of purchasing a home, so it’s important to choose the Mortgage Professional who is right for you. Typically, most people start with their own banks but private Mortgage Brokers offer the most personal, one-on-one service and can beat any bank’s rates. They exist for the sole purpose of making mortgage loans, so they often have access to more specialized lending programs that you may qualify for and they are more able to customize your financial needs based on YOU. Not to mention they are available 7 days a week, like me!

If you don’t already have a great Mortgage Professional, I am happy to refer you to a few trusted Mortgage Brokers who handle our valued clients. Contact me today!

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©2018 Your friendly Toronto real-estate agent: Tiffany Sly,
Chestnut Park Real Estate Limited, Brokerage,
1300 Yonge Stree, Suite 100. Toronto, Ontario. , M4T 1X3 416.925.9191