Are you on the hunt for a new home or cottage in Bracebridge or the surrounding area? Although searching for and purchasing real estate is an exciting time, it can also involve challenges and even some stress. One way to avoid this stress is to get your financing pre-approved before you begin your real estate search and this is why:
You’ll understand your mortgage
Being informed when it comes to real estate and the process of purchasing real estate is a great way to reduce stress and allow you to feel prepared. Arranging financing with your lender prior to starting your real estate search will give you the time needed in order to really understand your mortgage, including the interest rate, terms, and payment frequency before you buy which is especially helpful for first-time property buyers who are new to carrying a mortgage.
You’ll know what you can afford
Imagine finding and falling in love with your dream home or cottage in Muskoka. Then imagine finding out you’re not able to get the financing needed in order to purchase it. By getting pre-approved, you’ll have a clear understanding of your price range, which will not only allow you to narrow your focus to the properties that are right for you, it will also help you avoid the heartbreak of falling for the wrong home or cottage while eliminating wasted time as well.
You’ll make a good impression
As Muskoka real estate continues to be in high demand, it’s not unlikely that you may face some competition when placing a bid on a home or vacation property. In the event there is competition or even a bidding war on a certain property, having your financing pre-approved can help you make a good impression with the sellers and real estate agent along with helping differentiate you from other buyers, potentially allowing you to secure the property you desire instead of your dream home being snapped up by another buyer.
You’ll avoid unnecessary surprises
Surprises are great but, surprises when it comes to your real estate investment – not so much. The process of purchasing real estate and moving can be complicated enough without adding any extra surprises like finding out that your financing has fallen through or that you aren’t able to secure a mortgage because of the home itself not meeting the lender’s criteria. By taking the steps needed to secure your financing before you find the right property and decide to make an offer, you’ll be able to mitigate any big or little financing surprises, which will definitely help to make the real estate purchasing process a little smoother.
Getting your financing pre-approved before you start your real estate search is a smart way to simplify the process of purchasing a new home or cottage. Specializing in real estate law in Bracebridge and the Muskoka region, we’re here to provide you with the information you need in order to protect you and your investment. Call Bernie Keating at (705) 645 – 8743 today to learn how we can help you take the stress out of real estate while ensuring your buying or selling process runs as smoothly as possible
