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Heather Beveridge


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Be Pre Approved

A mortgage lender will be able to take the guess work out of the buying process by determining the amount you can afford to borrow. Then, they will guide you through the application process to get you approved in principal for the maximum amount you qualify for.  Once done you will be given a printed document stating the maximum mortgage amount you qualify for based on your particular finances and income and subject to the verification of the information you supplied and the appraised value of the home you want to purchase.

Mortgage pre-approval establishes your price range and strengthens your buying position by letting the Seller know that you have already been approved for the loan. It can also shorten time lines, once the purchase agreement is signed between Buyer and Seller.

Consider these Scenarios:

You're out looking at homes. Your Real Estate Broker never mentions that you should get pre-approved and just ballparks what you can afford. You find the perfect house and negotiate an accepted agreement with the Seller. Ten days later, the lender informs you that the house is $10,000 over what you qualify for and does not approve your loan. Tis will mean you are very disappointed and in my experience it will also mean every other home you view will be compared to the one that you could not afford.


You and your REALTOR® have been working diligently finding that "perfect" home. A new listing comes on the market that's priced right and has got everything you've been looking for. You write an offer. Your REALTOR® takes it to the listing REALTOR® and is informed that another offer is coming in and will have to present both offers simultaneously to the Seller. The other Buyer is pre-approved for his loan. Whose offer do you think the Seller will negotiate first?

Should You Get Pre-Approved for a Loan First? Most Definitely it will save you time, strengthen your position in the negotiation process and help you avoid disappointment.


Heather Beveridge