Updated from our First Time Buyer’s Archive. Originally posted on Jun13, 2007
Imagine falling in love with a home, making and offer only to find out later that you are not eligible for such amount?
Or another scenario: Competing with other buyers over your dream home, to find out the vendor accepted the other buyer’s offer JUST because they were already pre-approved.
It does happen. Often.
Understandingly, any vendor will favor a buyer who is prepared with a letter from the bank.
If you are planning on buying, the smartest thing you can do is to get pre-qualified BEFORE starting your home hunting. You never know when you will come across the home of your dreams.
Did we mention, the mortgage pre-approval letter is free? Also you can obtain it within 24 to 48 hrs from your mortgage specialist. So what’s there to think about?
The benefits of having a pre approval letter with you before starting the home hunting are numerous since it gives you advantage over those home shoppers who have no clue on what their factual financial limitations are.
So, what does a pre-approval means?
“Pre-approval means that your lender commits to giving you a mortgage loan up to a specified amount at certain terms and conditions, including the interest rate.”
Other important facts:
• Pre-approval are only valid for a specific period.
• Pre-approval doesn’t lock you into the mortgage. You are still free to pursue other arrangements, including getting a mortgage loan through another bank instead.
We have a great mortgage broker in our network that offers an outstanding service. I’ll be happy to supply you with more info.
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Posted by: Deya Bautista - Real Estate Broker working as part of the McGill Immobilier team. Specializing in high end condos in downtown and Old Montreal. For buying or selling contact Deya at: 514.917.7889 
Very useful posts. Many people jump into buying houses without really knowing what it means.
http://MtlRealEstate.info
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