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  • Writer's pictureShannon Mann

Before You Start Shopping, Get Pre-Approved

The housing market has picked up after several months of interest rate uncertainty. Earlier this year - the Bank of Canada held interest rates steady, following eight rate hikes in less than one year. Buyers then were ready to enter the market.

When my clients have found a property that excites them and are ready to make an offer, I want them to be competitive. The best way to do that is for buyers to be pre-approved, not just pre-qualified. These terms have been used interchangeably, but there is a big difference. Pre-approval is a full-fledged mortgage application where lenders look at income, employment, debt and assets. A full credit check is done. A pre-approval is good for three to four months and can help you be ready to close on a purchase faster. But remember, a pre-approval doesn’t necessarily translate into a mortgage. The lender needs to consider the property itself, all the terms, and the documentation before a pre-approval becomes approved.

In a market with an increasing number of multiple offers, a buyer who is pre-approved Is in a stronger position to complete the transaction. Looking to purchase or sell your home, feel free to call me at 604-961-6242 for a no obligation call for more information or we can meet for a complementary coffee.

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