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Getting Pre Approved

Most mortgage lenders take the guess work out of applying for a loan by figuring out for you the amount you can afford to borrow. Then, they give you a printed document stating the maximum mortgage amount you qualify for based on your particular finances and income.

Mortgage pre-approval establishes your price range and strengthens your buying position by letting the Seller know that you have already been approved for the loan. It can also ease time constraints once the purchase agreement in signed between Buyer and Seller.

 

Consider these Scenarios:

You're out looking at homes. Your Real Estate Broker never mentions that you should get pre-approved and just ballparks what you can afford. Of course, the more house he shows you, the better he usually comes out. You find the perfect house and work out a deal with the Seller. Three weeks later, the lender informs you that the house is $10,000 over what you qualify for and does not approve your loan. The Seller has already bought another house. You've given notice where you're renting and told all your friends about the great house you bought. And then, there's the money you've already spent on inspections on a house you can't own.

You and your REALTOR® have been working diligently finding that "perfect" home. A new listing comes on the market that's priced right and has got everything you've been looking for. You write an offer. Your REALTOR® takes it to the listing REALTOR® and is informed that another offer is coming in and will have to present both offers simultaneously to the Seller. The other Buyer is pre-approved for his loan. Whose offer do you think the Seller will negotiate first?

Should You Get Pre-Approved for a Loan First? Most Definitely!

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Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.


Each office Independently owned and operated

Royal LePage Lannon Realty, Brokerage is the #1 real estate office in Northwestern Ontario (based on MLS® system stats).  Situated by Lake Superior, in the City of Thunder Bay, we have Real Estate professionals, REALTORS®, brokers, salespeople, dealing in both residential and commercial listings available for you whether your need is to buy or sell.  Our professionals assist clients in finding the right homes for sale in Thunder Bay, east to Pass Lake, Dorion, Red Rock, Nipigon, Rossport, Schreiber, Terrace Bay, and Marathon; west to Kakabeka Falls, Shabequa, Wraith, Upsala, Ignace, Sioux Lookout, and Hudson.

We are a team committed to helping our clients and community with buyer and or seller needs.  Whether you are looking for houses for sale, camps, cottages for sale, condominiums for sale, commercial space for sale or lease, or vacant land for sale, and want to purchase or sell a home, or condominium or a commercial real estate listing, we can be sure to provide quality service.

1141 Barton Street
Thunder Bay ON  P7B-5N3
(807) 623-5011