Seriously in the market for a new home. In many real estate markets dwelling, land and property prices are in a slump. Its a good time for dealing on the real estate market . Its seriously a buyer’s market. But that is only if you prepare ahead of time – not only for the home you ultimately long for – but also that you have mortgage financing pre arranged ahead of final or even tentative negotiations and all the challenges involved.
There is a large difference between a pre-approved mortgage and a pre-qualified mortgage. It can be said that a pre approved mortgage will provide you not only with greater bargaining and negotiating abilities but as well with simple peace of mind when it comes to whole home hunting and negotiation process and procedures.
A formal mortgage pre approval and approved stamp of acceptance or approval into the banking lending and loan process will provide a basis of both telling you what you or your family can afford when it comes to scouting out the real estate market and as well inform , even broadcast to both home property sellers and their realtors that you are qualified and worth their time , effort and attention and that you and your agent are both in step qualified to both entertain the idea of purchase and for them to deal and negotiate in good faith through the sales , buying and deal closure process.
Being pre-approved brings no surprises , or at least less chance of missing out on that great deal or the house or home “that you must have”. Being in the classification and situation of being cleared that you are really pre-approved for real estate property financing rather than in the “just looking” phase and category and column in the Real Estate agent’s notebook or netbook laptop portable computer. Being in the financial category of “Pre-approved financing’, allows you to be nimble , make quick and assured choices when it comes down to final deals and negotiations as well to be able to deal effectively with aggressive and what might even be considered high pressure sales tactics and procedures that you normally might encounter with enthusiastic and gung ho agents of your local tax collection authority .
If you are unsure about a home purchase at this time in your life, that is your business. Yet if you are sure that a home is good for you and your family at this point in your career or time of life, you will be best served by seeking out a qualified mortgage and mortgage terms before you seriously get into the mix of house, home, condo or Lake Cottage hunting.
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