By Riki Unrau

So you’re ready to buy a home. Congratulations! This is a very exciting time in your life.

Maybe you have even already started looking around for that perfect place. But before you find your dream home and put an offer in on it you want to know that you will have the funds necessary to buy it. Here are a few reasons why a pre-approval can be a lifesaver.

Peace of mind

There is nothing worse than falling in love with a home only to be declined by the bank when you go to apply. Oftentimes people think they will be approved for more than is actually realistic. With lender guidelines stricter than ever before it is never safe to simply assume you will be approved. Sitting down with a mortgage broker ahead of time and finding out exactly what you will qualify for can alleviate a lot of unnecessary stress when it comes time to put offers in.

Ahead of the races

One great thing about being pre-approved is that we collect your documentation up front in order to qualify you. This means that when it comes time to purchase your new home, we have the majority of the paperwork done. All we have to do is qualify the property and we’re done. This saves you from scrambling to gather all of the necessary documentation in time to meet the deadline. It is a serious pain in the neck trying to get tax papers from the government if you cannot find yours. We all know how terribly slow the Canada Revenue Agency can be. Why not save yourself the headache and plan ahead? You will be so thankful you did.

The power of knowledge

Another great aspect of meeting with a mortgage broker before you find your home is the education you will receive. We believe in informing our clients fully as to their options. There are many different mortgage products out there and it is our job to let you know which ones will work best for you. Plus this is the time you can ask all of those questions that keep you up until the wee hours of the morning thinking about. How much do I need for a down payment? How much credit history do I need? Will my prior credit delinquencies be a problem? It is best to be informed so that the only surprises you get come in the form of housewarming gifts!

As the old saying goes, the early bird gets the worm. Prepare ahead and the whole mortgage application process will be as smooth and hassle free as possible. Then we can all breathe easy!

If you have any questions about the pre-approval process please contact your local, friendly mortgage broker.

– Riki Unrau is a Mortgage Broker with Invis Williams and Associates, located at 828C Baker Street, Cranbrook, BC V1C 1A2 – 250-919-6402. For more try: www.facebook.com/rikiunraumortgages

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