Being pre-approved doesn't mean that you are approved. It simply means that you have a likely idea of what you might qualify for once you apply for a home loan.
The benefits of taking the extra step
1. You won't waste time looking for homes in the wrong price range
Mortgage pre-qualification generally provides you with an upper limit on the amount you can potentially qualify for. This could potentially widen your neighbourhood search - which means more properties to choose from.
2. You're more likely to get an offer accepted
More and more sellers are looking for qualified buyers instead of taking their chances with interested parties that haven’t gone through the pre-qualification process. Being pre-qualified shows sellers that you are a serious buyer and that your offer to purchase is a serious offer as well - and in a competitive market this could be the difference between getting your dream home or having to start your search over again.
3. It will be faster to close on a home
Once you find the perfect property, chances are good you'll want to move in quickly. And since it can take a long time to get approved for a mortgage and go through the closing process, you could find your timeline is slowed down if you have not started the process.
A true pre-qualification entails a fair amount of paperwork and work, which forms the basis of what the bank will require during the actual application stage.
In most cases originators can take up to 3 days to provide a pre-qualification certificate, MyProperty makes this available to you within 24 hours of completing the below link and submitting all your documents - get started here
Dedicated MyProperty consultants can assist you in the process from start to finish and will do the following for you:
- Previewing your credit score and profile
- Identifying red flags against your name and offering assistance to fix this
- Highlight any errors in your documentation and application
- Identify your marriage status and advise on possible outcomes
- Explain differences between self-employed vs salaried and what’s required
- Discuss possible products that would suit first-time buyers
- Provide you with a far more accurate amount you can purchase for, dependent on your inputs
- Discuss the hidden costs of buying a property
- Advise on the likelihood of approval
Ultimately, buying a home can be quite a stressful, overwhelming and frustrating process when attempting to do this on your own. MyProperty’s easy pre-qualifying process empowers you with an estimate that you can afford while also simplifying the bond application process, taking you one step closer to owning your dream home, without the stress.
