The home of your dream’s flashes across your news feed. It has everything you’ve been looking for and it’s in the perfect location. You know there will be multiple offers but because you’ve pre-qualified for a mortgage, you have the advantage over other potential buyers.
Securing a mortgage pre-qualification is an important first step to making your dream home a reality. Though similar to a pre-approval, there are aspects of a pre-qualification that are can make the home buying experience easier and less stressful, particularly for first-time homebuyers.
As a Licensed Mortgage Broker at Mortgage Wellness, Gerard Buckley has helped hundreds of people realize their dreams of homeownership and explains the importance of securing a mortgage pre-qualification first, even before contacting a lender or realtor. Clients are able to apply online and find out how much they are able to borrow, usually within 60 seconds. “Understand how much mortgage, and home, you can afford before engaging with a real estate agent”, Buckley explains. “You’ll be strengthening your bargaining when putting an offer on a home.”
Benefits of a Mortgage Pre-Qualification
- Complete Financial Check-Up: After listing all of your assets and liabilities, your mortgage broker will determine the net. Then, your income, bills and expenses will be taken into account. The outcome will be an indication of how much you will be able to borrow. For many clients, this is the first time seeing their overall financial state.
- Gauge Credit Wellness: Part of the pre-qualification process is a thorough credit check. You may discover that outstanding debt or late payments have impacted your credit score and can use the opportunity to rectify outstanding credit issues.
- Own Your Home Faster: In a competitive market, having a pre-qualification in hand can give you the edge over other offers. It can also show you what sort of expenses you can expect to pay weekly or monthly, so you’ll know how much money can be allotted for your home purchase.
- Know Your Budget: Your pre-qualification tells you the maximum amount you can spend on a home. With this knowledge in hand, you can target your search within a set budget.
- Make and Reach Financial Goals: You may not qualify for a mortgage right away. Even so, your mortgage broker will be able to pinpoint areas of your financial situation that need improvement, and you can set objectives and start making improvements now to reach those goals and become a homeowner faster.
Become Pre-Qualified in Just 60 Seconds
If you are ready to begin the search for your new home and wonder if you will qualify for a mortgage, take a minute to find the answers you need. Gerard Buckley of Mortgage Wellness has more than 30 years of financing expertise and is a Georgian Bay resident, so he understands the market and works with a network of trusted real estate partners and lenders. “I believe in making a difference in the communities where we live and work,” says Buckley, a local Rotarian who actively supports a number of community groups and initiatives including the YMCA, Out of the Cold, Home Horizons, Coldest Night of the Year and many more.