Don't Start House Shopping Until You're Pre-Approved
Many people make the mistake of starting to shop for a home without first obtaining a mortgage pre-approval. When you get a mortgage preapproval in Edmonton you secure a loan before you start house hunting. It not only lets you know exactly how much money you'll have to work with, but it acts as a rate guarantee, locking in current interest rates for up to 120 days, so you can search for your new home with some peace of mind. By working with a mortgage broker like First Foundation, you can rest assured that you're preapproved with the most competitive rates, because your broker works for you, not for the lender.
Advantages of Obtaining a Mortgage Preapproval
Obtaining a mortgage preapproval from First Foundation in Edmonton offers many advantages over simply having a bank prequalify your mortgage loan. Other financial institutions may prequalify you for a certain amount without promising any interest rate hold, which means higher costs for you should interest rates go up while you're still searching for that perfect new home. With a mortgage preapproval from First Foundation, you're guaranteed a hold on the current interest rate for up to 120 days. This allows you to begin the house-hunting process without needing to worry about changing market rates: when you do find your new home, you'll know exactly the deal you'll be getting on your mortgage.
The mortgage preapproval process is also more rigorous with First Foundation. When you're pre-qualified for a loan, the prospective lender may not have completely reviewed your financial situation to ensure that you're actually eligible for that particular mortgage. Your broker at First Foundation, on the other hand, will thoroughly review your mortgage preapproval application, so that you can feel confident as you move forward with your home purchase.
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A Mortgage Preapproval Makes Home-Buying Easier
Arranging for mortgage preapproval in Edmonton can also make the home-buying process easier. Some REALTORS® may not want to work with you unless you have arranged for mortgage preapproval, so that they know they aren't wasting their time with someone who is unable to afford the new property. An Edmonton mortgage preapproval gives you peace-of-mind since you'll be confident about the conditions of your mortgage before you even begin looking for your new home.
Once you do find your perfect new home in Edmonton, a preapproval can significantly streamline the purchasing process, since you've already completed most of the work necessary to arrange for your new mortgage. And because First Foundation works for you, not a financial institution, you can rest assured that you're getting one of the best deals in town.
Calculate What You Qualify For With This Preapproval Calculator
If you'd like to learn more about the mortgage preapproval process in Edmonton, or to see if you qualify, contact First Foundation today.