Searching for a new home can be daunting. There are many steps in the homebuying process, but the very first step is to obtain a mortgage pre-approval. By doing so, you can be certain on the amount you have available to purchase the home of your dreams.
Once you know the amount, it makes it easier to begin your property search. A mortgage pre-approval is easy to obtain when you work with a mortgage broker. They have access to every mortgage product on the market and work with multiple banks and financial institutions to get you the best rates and product for your individual needs. They will shop around on your behalf and get you a pre-approved mortgage amount.
This would include the total amount of mortgage loan and the rate of interest that would be applicable. This amount is frozen for a period of 120 days in which you can look for the property that fits the amount. You’ll need to provide all your financial information like your income statements, the amount of down payment you are able to afford, in order to get the pre-approval. The pre-approvals are valid provided there is no change in your work or income situation.
Step one of the homebuying process is now complete and the fun part begins – the home search!