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If buying a home’s a race, your mortgage pre-approval is the “get ready, get set” before the “go.” Keep in mind there might be literal hurdles along the way (low housing inventory for one), but don’t let that interfere with getting pre-approved.
December 7, 2020 4 minute read
Would-be home buyers on Vancouver Island are frustrated.
As far as prospective houses go, there’s not a lot of inventory to choose from. And what’s out there is getting snatched up almost immediately, thanks to pent-up demand and record low interest rates.
But as a potential home buyer, there are some important things you can do in preparation so that you’re able to act quickly when the right home comes along. These first steps include:
Why you need to consider a mortgage pre-approval
This is a game-changing item because it puts you in a position where you can look with confidence for a home, knowing also that the interest rate can be held for you for a set time while you look. It can also give focus to the house hunt, since now you’ll only be looking for homes in your approved price point. Plus, a pre-approval gives you some much needed breathing room in the mad dash that is home buying. By getting pre-approved in the beginning, you’ll end up having important ducks in a row when it matters most.
So now you know some of the key benefits of having a mortgage pre-approval. Here are some other important things to keep in mind:
Whatever preemptive steps you take, congratulate yourself on taking them, as they’ll get you that much closer to your new home. These steps require action, and it’s the things we can do when a lot is out of our control that will help build confidence, determination and optimism. Here’s to enduring the home buying journey!
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