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The Importance of a Mortgage Pre-approval in Barrie

The Importance of a Mortgage Pre-approval in Barrie

before buying a house in a barrie it's important to get pre-approved for the mortgage you need

You’ve probably heard the old adage “Don’t put the cart before the horse.” That same idea holds true when it comes to home buying in Barrie.  It happens far too often when a person will find that ‘perfect’ place and fall in love with it, only to discover that the home is out of their budget.

Getting a mortgage pre-approved before you look at a house in Barrie is one of the first steps you should make when starting the home buying process. You should be pre-approved before you even talk with your real estate agent. You will save time, energy, know what you can afford and eliminate many of the headaches involved with home buying.

The top 5 reasons why you should have a mortgage pre-approved in Barrie:

1. You will know what you’re getting into financially – Buying a home is a huge financial commitment and can put financial stress on the most frugal people. Having a pre-approved mortgage will let you know your monthly payments so that you can easily budget for everything else.

2. You will have more leverage to negotiate – Being pre-approved means you may have greater negotiating power with the seller. Most people want to sell their home as quickly as possible and if your finances are in order they may be willing to lower the asking price to move their home more quickly.

3. You will save time – As mentioned earlier, being pre-approved for a mortgage only takes up part of the time when buying a home. Most of your effort involves looking through dozens of listings before you find the ideal home. If you know exactly what you can afford, you won’t waste time looking at homes that are out of your price range.

4. You will be taken more seriously – When you have found that perfect home and are ready to buy it is very important that your mortgage has been pre-approved. The seller will realize that you are a serious buyer because you have your finances in order.

5. You will save yourself plenty of headaches – Securing a home buying mortgage can sometimes be the most frustrating part of the process. Unfortunately, many people will miss out on a great opportunity – or even worse – their dream home because they couldn’t secure a mortgage quickly enough.

Home buying can be exciting and frustrating at the same time. One way to make the process more streamlined is to be sure your finances are in order by having your mortgage pre-approved.  This will minimize the frustration and anxiety and help you understand your limitations and finances.

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