OK. You’ve prepared the decision. You’re ready to acquire a house. Nice! You’ve obtained that dream home represented in your head. Now all you have to do is look for a Realtor, make your offer and move in. Right? Wrong.

Your first action should be to look for a dependable mortgage professional just like Edmonton Mortgage. However, that’s not the fun part, you may say. Why start with a mortgage professional? In a nutshell, this can save money, time and rise your bargaining power.

Your mortgage broker is going to be able to tell you first if you can fit to obtain a home at all. Second, if you are in the running for obtaining, he or she can tell you how much property you can qualify for. Ponder about it. Do you and your Realtor wish to run around for a month or two worth of weekends, eventually discover your dream home, just to find out that you cannot pay for it?! That’s a lot of time, and time is money (or at least a lot of useless weekends). Wouldn’t it be better up front to know what you can and cannot buy, zero in on that, and reach that wonderful feeling of success? Of course.

Well, you may have already thought of all that. However, did you comprehendthat the broker of your dream property may offer you preferentia treatment if you’re pre-approved? The seller[spin] has a life too and [spin]term lines like the rest of us. They want agreements that are going to work. They don’t like their home under agreement, just to have the agreementfell through because the investor cannot qualify! So, let’s say you craft a proposal on a residence, and another party arranges a bid at the same time for the same amount. The other bidder is pre-approved, you aren’t. Which bid should they recognize? Obvious. Another situation, let’s say you (not pre-approved) make a bid and another bidder bids slighter lower but is pre-approved. Which bid would you accept?

And one last topic to tackle, there are varied levels of pre-approvals. Edmonton Mortgage gives you these qualifications. The last level might be called pre-qualification and this involves the mortgage professional obtaining your information (income, expenses, etc.), setting it all together and letting you know how much house you can fit for based on the numbers you provide. Another level of pre-approval is for the mortgage professional to run the loan through automated underwriting (getting more technical, here) to get an confirmation provided that all your info can be authenticated. The highest level would be running the loan through a lender and essentially doing all the verifications.

Certainly, the higher level of pre-approval provides you more to stand on and brings the most weight when bidding on a home. In any case, your Edmonton Mortgages expert should offer you with a letter declaring on what level you are pre-approved.

Hopefully by now the picture is apparent, call that mortgage professional BEFORE starting your house search. Call Edmonton Mortgage and maybe, just maybe, the process might even be fun.

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