{"id":1506,"date":"2019-11-28T17:28:28","date_gmt":"2019-11-28T17:28:28","guid":{"rendered":"https:\/\/areslaw.ca\/parry-sound\/?p=1506"},"modified":"2019-11-28T17:28:37","modified_gmt":"2019-11-28T17:28:37","slug":"pre-approvals-101-your-essential-to-do-list-ares-law-parry-sound","status":"publish","type":"post","link":"https:\/\/areslaw.ca\/parry-sound\/pre-approvals-101-your-essential-to-do-list-ares-law-parry-sound\/","title":{"rendered":"Pre-Approvals 101 \u2013 Your Essential TO DO List"},"content":{"rendered":"\n<p>Before you start getting serious about looking at those MLS listings or reaching out to a Realtor, be sure you get a mortgage pre-approval first. While it may seem like a complicated or unnecessary process, the time and frustration it <strong>saves<\/strong> is well worth every minute, trust us\u2026we\u2019ve seen it all! Mortgage pre-approvals are for your protection; you\u2019ll have more confidence knowing what properties are within your budget, what your mortgage payments will be, and you\u2019ll also get a good idea of your interest rate when you do make your big purchase. Further, mortgage pre-approvals can speed up the buying process; if you\u2019ve already gone through all the financial paperwork to get pre-approved, then it can mean a quick turnaround time between putting that offer in and getting it accepted! <\/p>\n\n\n\n<p><br><strong> How do pre-approvals work?<\/strong><\/p>\n\n\n\n<p><br> Once you\u2019ve researched the bank, credit union or (certified!) mortgage broker that you think you\u2019ll want to work with, they will start the process by asking for your financial information. They need to know if you are a risk or not and if they should lend you vast amounts of money. You\u2019ll need to gather up proof of your finances, including employment records, bank statements, investments, loans, debts, bills, and so on. They will also review your credit score and determine if they should approve you for a mortgage, and for what amount. This pre-approval is not a legal mortgage document; think of it more as a guideline. <\/p>\n\n\n\n<p><br><strong> Your pre-approval \u201cto do\u201d list: <\/strong><\/p>\n\n\n\n<p>  \u2714       Shop around: There are lots of lenders who want your business, so make sure you get a mortgage that\u2019s a good fit for you. While online pre-approvals may be tempting, it\u2019s best to talk to real financial professionals in person. <\/p>\n\n\n\n<p> \u2714     Get it in writing: Don\u2019t accept a text message or verbal agreement as proof of your pre-approval, be sure you get a formal letter and be sure you understand the contents thoroughly. <\/p>\n\n\n\n<p> \u2714     Find a reputable, experienced real estate sales rep: Be sure to tell them about your pre-approval so you\u2019re all on the same page when it comes to finding suitable, affordable properties.  <\/p>\n\n\n\n<p> \u2714     Resist the urge to waive the financing condition: Although you\u2019ve been pre-approved, it\u2019s not legally binding and it may no longer be valid if enough time has lapsed. Further, your lender will need to do a formal appraisal of the home, which means the mortgage amount may need to be changed. Financing conditions can be a safeguard step to double-check that your financing will still go through. <\/p>\n\n\n\n<p> \u2714     Keep to your financial routine: During the time that you\u2019re looking at properties, try not to make any big purchases, quit your job, miss a loan or debt payment, and so on. If your finances are in any way disrupted, it can mean that your pre-approval is withdrawn and that you\u2019re no longer able to get a mortgage. <\/p>\n\n\n\n<p> \u2714     Retain the services of a real estate lawyer: Your home or cottage purchase is a big investment, so don\u2019t skip out on having legal representation who will have your back at all stages of the process. <br><\/p>\n\n\n\n<p>As you can see, mortgage pre-approvals are a big deal and easily worth the time and effort. It gives you, your Realtor, your lender and even the seller that extra peace of mind knowing that your finances are in good order and that you\u2019re one step closer to getting your mortgage loan finalized and getting those keys in your hands! With any real estate purchase or sale, it\u2019s also important not to skip out on working with a real estate legal team. At Ares Law in Parry Sound, we\u2019re the legal representatives you want on your side; it\u2019s our job to make you our number one priority and ensure that all your bases are covered. Call us today at <a href=\"tel:7057466444\">705-746-6444<\/a>; we\u2019re here for you. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before you start getting serious about looking at those MLS listings or reaching out to a Realtor, be sure you get a mortgage pre-approval first. While it may seem like a complicated or unnecessary process, the time and frustration it saves is well worth every&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[114,127,35,36,190,55,106,58,33],"class_list":["post-1506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-buying-a-home","tag-cottage-purchase","tag-first-time-home-buyer","tag-mortgage","tag-mortgage-pre-approval","tag-muskoka","tag-parry-sound","tag-real-estate-law","tag-real-estate-lawyer"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pre-Approvals 101 \u2013 Your Essential TO DO List - Ares Law Parry Sound<\/title>\n<meta name=\"description\" content=\"Don\u2019t miss out on that dream home or cottage because your financing wasn\u2019t sorted out. 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