Why You Need a Pre-Approval
If you’re planning to buy a property in the Halifax region, you need a financing pre-approval.
Whether you’re a first-time home buyer or a seasoned investor, here are 3 reasons why it’s worthwhile to get a pre-approval before starting your search.
1. Be prepared
Getting a pre-approval requires going over your finances in more detail than you’re probably accustomed to. The financing process can get you thinking on a deeper level about costs like utilities, tax, and insurance, and thus better prepare you for the realities of homeownership.
When assessing your purchase ability, a professional may be able to advise you on strategies to improve your overall financial health, such as suggestions for debt consolidation or financing opportunities for renovations on purchase properties.
Having a pre-approval before you begin searching can help you better assess the costs associated with a property and thereby help you make a more informed purchase decision.
2. Clear budget
In addition to your list of needs and wants, setting a purchase budget is a key component of your property search criteria.
Securing a pre-approval means that you’ll know the full range of your budget. This will help you stay on a realistic course and make it more likely that you’ll find a suitable property.
3. Worry-free shopping
As a buyer, there’s nothing worse than finding the home of your dreams and not being able to purchase it because your financing didn’t come through. Waiting until you find a property to start the financing approval process can lead to disappointment.
With a pre-approval letter in hand, you can shop for a property without stress because your financing is already underway, and you can move quickly when the right property pops up.
Being pre-approved also shows sellers that you’re serious about the purchase and increases the chances of your offer being accepted when offering in a competitive situation.
A financing pre-approval provides peace of mind and better prepares you for your property search, so get started and make your real estate dreams take flight!
Wondering about the pre-approval process? Book a complimentary buyer consultation.
