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Why getting Pre Approved for a Mortgage is Step One in the Home Buying Process

Thursday, August 5, 2021   /   by Brandy Hemingway

Why getting Pre Approved for a Mortgage is Step One in the Home Buying Process

1. Getting pre-approved tells you the maximum the lender is likely to loan you, which helps you narrow down your home search to affordable properties.

2. You can get an idea of what your monthly payments would be.

3. You'll have more credibility with real estate agents and with sellers if your loan is pre-approved. Some agents won't take you seriously until you have the pre-approval. They don't want to waste their time, or yours.

4. Mortgage loan approval takes time. If you wait to apply until you're ready to make an offer, you could lose out on the home to someone who is pre-approved.

5. The lender often will lock in an interest rate, which protects you if rates rise while you are shopping for a home.

6. If your circumstances don't qualify you for a low interest rate, you'll know that going in. You might decide to look in a lower price range to make up the difference.

7. Pre-approval gives you at least some peace of mind, which you will appreciate during the often-stressful process of buying a home.

Call us today to learn more


  home buying, pre approval, central alberta real estate

Royal Lepage Network Realty
Robert Gallaway
6-3608 50 Ave.
Red Deer, AB T4N 3Y6
403-575-0363

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