Exactly what does it Mean?
There is a difference between getting pre-qualified and pre-approved to buy one of the condos for sale down-town. The difference is a pre-qualification means you may well be able to find the loan based on skimming of your income and other information. That is why you may get pre-qualified credit credit card loan offers from time to time. The information usually comes from a list. http://www.sellhalifaxrealestate.com/
If you are pre-approved for a real estate loan, it means you are able to get that money. You can put it to use to buy one of the condos for sales downtown that you are fond of. This process consists of you actually making an application for a loan, providing all of your documents, and doing everything lenders needs to get you approved.
They will will tell you the amount of money you can borrow and the eye rate. The offer will probably be good for a set period of time. Typically, it is heading to be up to 90 days once you have recently been approved. Armed with these details, you can start looking around. Once you find the spot you wish to make an offer on, they can help you to proceed.
Really know what you can Afford
It won’t appear sensible to look for condos for sale the downtown area that are outside of your price range. With the pre-approval process, you are able to shop within your selling price. You can use filtration online to find those at or below your approved amount. You can talk with a real estate agent plus they can refer you to real estate on the market best suited that amount too.
If you can locate one of the condos on the market downtown that you want to call and make an offer on that is no more than you were approved for, that is exciting! Besides it mean you can buy it, but it also means you can reduce your monthly obligations below what you know you can pay. Meaning more money for cost savings or else you can make use of it to pay off the mortgage loan early.
Make an Give
You have bargaining electric power with the pre-qualification for a home loan. The moment you make an offer on one of those condos available downtown, the seller is going to help you are already approved. It can be enticing to them to accept the total amount you offer rather than to keep out for another offer to come along.
Seeing that you happen to be approved, you aren’t going to be on pins and tiny needles after the offer, wanting you can find the money. It is very upsetting for some consumers who find the perfect place but then they cannot get approved for the money. The closing can be done quicker too if you already have your loan approval completed.