There are several benefits of pre-approved mortgages, including: measuring qualifications, negotiating power, and protecting rates.
Below are 3 benefits of pre-approved mortgage:
Mortgage pre-approval provides you complete and detailed information about the value of home you can afford, offered mortgage rate and monthly mortgage payments. You can compare these specifics with your own affordability and negotiate it with your lender, if required. Source: ResourcefulCapital.ca
When you make an offer to purchase, the seller is more likely to give it serious consideration because you have solid financial backing.
Your pre-approved status may give you more negotiating power with a seller. Source: RBCRoyalBank.com
In addition, a pre-approved mortgage gives borrowers the opportunity to lock in a specific interest rate. Most pre-approved mortgages are only valid for between 90 and 120 days, meaning that if a borrower chooses a fixed-rate mortgage, they can count on that rate for the entirety of their loan. Source: SuperBrokers.ca
If you have any questions or need further assistance, please give us a call or contact us here.
114 – 1212 1 Street
Calgary, AB T2G 2H8