19 April 2008

Why Get Pre-approved?

We the Realtors always tell our buyer clients to get pre-approved for a mortgage before going to look at homes. Here is another example why you should get pre-approved for a mortgage before you go shopping: I listed a condominium last month and this week we received two offers from two different buyers. My clients (sellers)accepted the lower offer ($2000 dollars lower) because these buyer were pre-qualified for a mortgage and offered to complete the deals within 2 weeks. They also seemed more prepared and able to buy. The other buyers really really really wanted to buy this place but couldn't offer the same closing terms for the deal just because they didn't pre-qualify for the mortgage. They needed extra 7 days to complete the deal and that made all the difference. So remember if you are going home shopping, talk to your mortgage broker first. If you don't know anyone in the mortgage business except your banker, ask your Realtor. Your Realtor can help you find a good mortgage broker. You can contact me of-course if you are buying a home in Abbotsford.