Congratulations on deciding to take the first step in home ownership. We understand that being a first time home buyer in Brampton can be a long and confusing process. This is why we have listed below a few reasons stating the benefits of getting pre-approved for your mortgage, to make this process easier.

  1. To get pre-approved, you need to make sure you have all your financial documentation ready for the broker. You will need to check your credit report and supply all your income information. This benefits you because once you have these documents prepared, you will be able to fully assess if you are financially ready to take on the commitment of buying a home.
  2. Once you are pre-approved, the broker will let you know how much they are willing to lend you. With this information you will know what you can afford, and the price range in which to shop for. It’s a terrible feeling when you find your perfect house only to realise that you cannot afford it. Getting pre-approved will help you figure out your budget, and prevent disappointment.
  3. You also receive a lot more credibility from sellers once they know you have been pre-approved. This shows that you are capable of fulfilling all parts of the purchase and sales contract. If you are also in a bidding war, you are more likely be chosen over someone who has not been pre-approved.
  4. Once you are pre-approved you are allegedly able to negotiate for better terms and rates, as opposed to those who are not pre-approved. You are more likely to get a better deal because of your credibility.
  5. Being pre-approved can also save you time with the closing process. You will already be in the system and have all of your financial documentation together.

To get started on your Brampton mortgage, contact us 905-791-1100 or info@lotusloans.com.