Many homebuyers looking for a home in the GTA, realize early on in the process that they need to be prepared for the busy GTA real estate market and use every advantage they can get to be one step ahead of the competition.
Even if you can afford a decent home and you know exactly what you want, you still need to do as much as you can to enter the market readily, especially financially. One of the best things you can do for yourself is going in detail through your finances with a lender to see how much you can actually afford, and get pre-approved for a mortgage it in writing. A mortgage preapproval has many benefits homebuyers in the GTA are often not fully aware of, so let’s take a look at how this simple step can help you in finding your dream home.
GTA SELLERS LIKE HOMEBUYERS WITH PREAPPROVALS MORE
It is easier for homebuyers with a mortgage preapproval to earn the trust of GTA sellers. Coming prepared to a home showing with proof that you can afford the home will earn you the credibility you need, and sellers will be happy to talk to you. A mortgage preapproval will probably convince sellers to give you an advantage over competitors without a preapproval. In the end, it is a powerful tool that indicates you mean business.
YOU WILL KNOW YOUR EXACT PRICE RANGE AND LEARN WHAT ELSE YOU HAVE TO PAY FOR
Looking for a home without knowing what exactly you can afford can unnecessarily cost you time and energy. As much as homebuyers like browsing through all kinds of GTA listings, when they get serious, they need to get their search down to homes they can afford.
The most effective way to identify your price range is by getting a mortgage preapproval. A preapproval will not only give you a general idea about your borrowing power but a precise calculation of all the costs involved. Lenders take into account all the closing costs you will have to pay, not just the price of the home. Getting a preapproval is also a good way to familiarize yourself with the fees and other costs a home purchase entails.
IT IS GOOD FOR YOUR OVERALL CONFIDENCE AS A HOMEBUYER
Having your finances worked out will not only bring you peace of mind, but also a sense of security and confidence. There is a big difference between thinking you can make it work with your budget and actually having it written in black and white how much you have at your disposal. You will be able to enjoy the home buying process more, and it will take at least some of the pressure off.
And, if you want to make sure your transaction runs smooth and flawless, give me a call at 416-839-3599. I have been a real estate agent for many years, and I believe I can help you work out your finances, find your dream home, and put down an offer when the right home comes along. For more info on what you get when buying with me, click here, and for more information, feel free to contact me here.