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Why Being Pre-approved Before Buying A Home in London Ontario is Important

Being pre-approved before buying a home in London, Ontario, is necessary in today’s market if you are serious about getting the best place for you without disappointment.

Years ago, buyers didn’t worry about financing their home purchase until they found the home they wanted.  Once they had an accepted offer, they’d shop around for a week or so and then submit a loan application.

Getting pre-approved for a mortgage before buying a home in London Ontario

The new low inventory of homes for sale in London, Ontario and a very competitive market can make the home buying process a little stressful.  To compete better, most buyers are getting pre-approved for a mortgage.  The buyer is seen as being stable, has a significant influence in negotiating a purchase price, and the buyer can act when they find a home they love.  A pre-approved home buyer is considered as healthy as a cash buyer.

There are two parts to mortgage approval:

  1. approval of the borrower
  2. approval of the property.

Mortgage pre-approval is a process whereby the borrower is qualified for a specific mortgage amount.  The approval is usually suitable for 1-3 months.  A property approval is one with a satisfactory appraisal by an appraiser chosen by the lender after an offer is accepted, that will depend on the downpayment, neighbourhood and price.

Final mortgage approval also requires a purchase agreement that is signed by the buyer and the seller.

Here are a few more tips before buying a house or a  condo in London, and to get pre-approved for a mortgage, I partner with two great mortgage specialists who have the skills and ability to get most mortgages approved.

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Ty Lacroix

"Not All Realtors Are The Same"! This website and content are for you and are designed and constantly upgraded with the latest real estate trends, how-tos, and what is for sale on MLS. Our primary focus is guiding home buyers and sellers to make good decisions. We believe selling real estate is a process, not an event or knee-jerk reaction; we sleep well at night and ensure our clients do as well! We are not for everybody, nor can we please everybody, nor do we tell people what they want to hear; I know that may be old-fashioned and boring, but we are dealing with hundreds of thousands of your hard-earned money. Would you rather be happy, excited and bored or unhappy, excited and make a poor choice? About Ty I am a Broker with Sutton Group Preferred Realty Inc., Brokerage and the team leader for The Envelope Real Estate Group, that's enough about me! You see, this is about you, you do not want to hear blah blah stuff about awards, designations, or that we walk older adults across the street (I used to help old ladies cross the street, but as I got older I did not want my wife to think I was flirting) the reincarnation of Mother Teresa, walk on water or anything else to impress you. We let the numbers speak for themselves; success leaves clues!

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