To get pre-approved or not to get pre-approved? That is the question.

Should you get pre-approved before you start house shopping?

Yes.

Yes, yes, and more yes.

Short blog this morning. Enjoy the rest of your day!

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Okay, just kidding, there’s more.

Maybe you want to learn why, maybe you want to learn how, and maybe you want to know what the process is. All of this information is important, so here we go.

Why should I get pre-approved before I start house shopping?

One of the most painful things to go through, is finding the home of your dreams, going to your mortgage broker, and finding out you don’t qualify for a loan large enough to purchase a home that you have your heart set on (insert heart break here).

Along with a heavy heart, there comes the frustration for both you and your realtor, for the amount of time you’ve spent looking at listings and walking through homes that aren’t yet in reach (keep that in mind…aren’t “yet” in reach…).

With a pre-approval, together, you and your mortgage broker (moi) will go through your goals, work history, employment history, and chat about a budget that you’re comfortable with. We’ll put together an application, I'll send you a list of documents to collect for me; proof of ID, income, employment, and assets, etc., and I will pull a credit bureau report to go over debts and ensure that the ratios meet the criteria to borrow a certain amount of money before submitting to a lender for a pre-approval and rate hold. Once you get your pre-approval, then comes the fun part! You get to call your realtor (if you don’t have one, I know several lovely folks who would do a great job guiding you through the process and would be happy to recommend any one of these gems) and start house hunting!

Now keep in mind, just because you’re pre-approved does not mean you should write a no-subject offer. You still need to include subject to financing (among other subjects as your professional realtor suggest), and this is important to remember. You have been pre-approved by your lender (which is fantastic), but your property of choice ALSO has to get approved by the lender. This is typically done by a lender-approved appraiser to ensure the property is indeed worth what bank is lending you. Don’t fret, we assist with getting this part set up for you.

How do I get pre-approved before I start house shopping?

Call your current/trusted mortgage broker, or if you don’t yet have one, call me! I’d be more than happy to help. I remember being a first-time home buyer. My mortgage specialist made the process easy breezy, and as stress free as possible. I’d love to be able to do that for you!

Enjoy the rest of your day.

Nadia